In lawsuit, Perot claims Mavericks are insolvent
Ross Perot Jr. raised the stakes Monday in his battle with fellow billionaire Mark Cuban over the ailing financial performance of the Dallas Mavericks. The Mavericks are “insolvent and/or in imminent danger of insolvency,” according to a lawsuit filed Monday in state district court by a Perot-controlled company.
Perot sold a majority stake in the Mavs to Cuban in 2000 but still owns 5 percent of the team. The suit focuses on Dallas Basketball Limited, which does business as the Dallas Mavericks.
“DBL currently does not have revenues sufficient to pay its operating costs,” the lawsuit said. “Without additional borrowings, DBL will not be able to fund its projected operating losses or to pay its obligations as they become due.”
The Mavericks’ debt exceeds $200 million, the lawsuit said. Perot wants a court-appointed receiver to run the team.
Cuban denied the team was insolvent and said Perot might be trying to pressure him to buy him out…
Fort Worth Star-Telegram
Can Mark Cuban pull off a miracle and sign one of the marquee free agents out there?
I’m not sure about a miracle. He hasn’t pulled off one yet. For all his desire, he’s yet to make a really big signing. But if he’s going to do it any year, it’s this one, with so much talent available. I would bet that the Mavs end up with at least someone from the second tier of talent available. If Carlisle has learned his lesson from the Beaubois situation, I think this team could look significantly more athletic next year.
Dallas Morning News
Talks begin on contract extension for Dirk Nowitzki
The job of keeping Dirk Nowitzki with the Mavericks next season and possibly beyond has begun. Owner Mark Cuban said Monday that the team has opened discussions with the face of the franchise about locking him up. Nowitzki has the option of terminating the final year on his contract if he does so before July 1.
Cuban added that the Mavericks are going to pick up their team option for backup guard J.J. Barea for the 2010-11 season.
“We are definitely bringing J.J. back, and we are already in talks with Dirk about his deal,” he said.
Cuban would not elaborate on whether a three-year extension might already be on the table for Nowitzki. That would be the longest addition the Mavericks could tack on at the moment. It could be worth the maximum allowed, approximately $75 million.
Dallas Morning News
