Tweet
A company run by former Dallas Mavericks owner Ross Perot Jr. filed suit Monday against the club and Mark Cuban's company that holds majority ownership in it, alleging that it's insolvent or verging on insolvency.
In the 13-page petition filed in a state district court in Dallas, Hillwood Investment Properties III Ltd. asked that a judge place Dallas Basketball Ltd., the team's business management, in receivership and order an independent audit of its operations. Hillwood also is seeking actual and punitive damages.
The petition alleges team management lost $50 million last fiscal year. Hillwood also alleges that the club has lost $273 million since Cuban's Radical Mavericks Management LLC bought its majority stake in 2000 from Perot's company, which retains a minority stake and partnership in Dallas Basketball Ltd.
The lawsuit also alleges the Mavericks company has an interest-bearing debt of more than $200 million, a $289 million deficit and negative working capital of $75 million.
With the 15 teams the NBA reported earlier in the season were near being bankrupt, plus this, that now makes 16 NBA teams that are near bankruptcy. So much for all the "NBA is richer than Euroleague" propaganda.
Comment