Yahoo Finance 'They Fined Me $100,000 For Conduct Unbecoming Of An Owner' Says Mark Cuban
Mark Cuban is no stranger to making headlines for his business ventures. However, one story that stands out is how the NBA fined him a whopping $100,000 for his unconventional leadership style.
Shortly after selling his company Broadcast.com to Yahoo in 1999 and becoming a billionaire, Cuban bought the Dallas Mavericks for $285 million. As CNBC reports, full of energy and enthusiasm, he wanted to dive right into his dream job.
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Cuban’s approach was different from that of other team owners. He believed in getting to know every aspect of his team, even spending time on the floor with the equipment staff who collected the players’ sweaty jerseys. He wanted to get to know them better and understand their jobs. "I wanted to be close to the team to get a feel for the vibe," he said. However, this hands-on approach didn’t sit well with the NBA, and he was fined $100,000 for what they called "conduct unbecoming of an owner."
This philosophy wasn’t popular with other NBA owners, many of whom had inherited or acquired their teams through other means. Cuban told then-NBA commissioner David Stern, "You ain’t seen nothing yet." Over the years, he was fined publicly 20 times before Stern retired in 2014.
Last year, Cuban sold most of the Mavericks for $3.5 billion but kept a 27% minority stake. He continues to use his interpersonal leadership approach, offering advice and mentorship to contestants on "Shark Tank."
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In 2008, he famously shared on his blog that, to get rich, "Save your money. Save as much money as you possibly can. Every penny you can. Instead of coffee, drink water. Instead of going to McDonald’s, eat Mac and Cheese. Cut up your credit cards. If you use a credit card, you don’t want to be rich. The first step to getting rich requires discipline. If you really want to be rich, you need to find the discipline, can you?"
He also suggests having a savings account for emergencies, saying, "The idiots that tell you to put your money in the market because eventually, it will go up need to tell you that because they are trying to sell you something."
In his blog post "The Best Investment Advice You Will Ever Get," Mark Cuban explained that it’s important for people to understand the risks involved in investing and be ready for the chance of losing money. If you’re unsure about a risky investment, it’s OK to just hold onto your cash instead.
Cuban went from a tech entrepreneur and sports team owner to a well-known TV personality and investor. He epitomizes the importance of evolving one’s leadership style. Despite facing criticism, he learned to prioritize interpersonal skills and understanding his employees, contributing to his success.
He consistently rewarded his employees with substantial bonuses when selling his businesses, making hundreds of millionaires. "In every business I’ve sold, I’ve paid out bonuses to every employee who has been there for more than a year," Cuban said.
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