Sports

Mark Cuban Broke?

Mark Cuban Broke?
Sports

POSTED: Monday, May 10, 2010 - 9:06pm

UPDATED: Monday, May 10, 2010 - 9:06pm

Are Mavericks Insolvent?

DALLAS (AP) - A company run by former Dallas Mavericks owner
Ross Perot Jr. is suing the club and Mark Cuban's company that
holds majority ownership in it, alleging that it's insolvent or
verging on insolvency.

According to the 13-page petition filed Monday in a state
district court in Dallas, Hillwood Investment Properties III Ltd.
alleges Dallas Basketball Ltd. 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, who retains a minority stake.

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.

Cuban didn't respond to messages Monday from The Associated
Press.

(Copyright 2010 by The Associated Press. All Rights Reserved.)
 

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