Mark Cuban has invested in dozens of companies, backed sports teams through NIL deals, and co-launched a $750 million fund to buy minority stakes in NFL, NBA, and MLB franchises. He has touched professional sports from nearly every angle. But there is one thing he has never done before: own an NFL franchise. And after his recent statement, it feels like he never will.

“I can’t afford an NFL team, and I wouldn’t want to do it,” Cuban said on the Portfolio Players podcast when asked about potentially owning an NFL team.

The fact that Cuban already has a success story in football makes this statement a little surprising. On the same podcast, the Shark from the show Shark Tank revealed that he bankrolled Fernando Mendoza’s NIL deal, which helped Indiana get the QB. With Mendoza leading the way, Indiana went 16-0, and Mendoza was picked by the Las Vegas Raiders as the No. 1 overall pick in this year’s draft.

Given his experience of owning an American sports team, Cuban’s complete dismissal of owning an NFL team seems unlikely. However, the reason behind this is modern NFL ownership.

“[With] the Mavs, I used to always say that, ‘Okay, I’ll absorb the losses cause winning was more important,’” Cuban added. “But when you have a bunch of investors, you can’t do that. You know it’s not all your money.”

In 2024, the NFL owners had approved selected private equity firms to buy up to a 10% stake in its franchises. Arctos Partners LP was one of the firms that made the biggest push. They bought stakes in the Buffalo Bills and the Los Angeles Chargers first. However, in May, the NFL owners authorized Arctos to add the Cleveland Browns to their non-controlling ownership portfolio.

When private equity players enter ownership, they expect big returns. But they aren’t always as emotionally invested as Mark Cuban, who is known to be one of the most involved owners, something which was evident when he was the majority owner of the Dallas Mavericks. However, when private equity money enters the room, the balance sheet starts calling the shots, and that kills the kind of risk-taking Cuban built his Mavericks legacy on.

While Cuban has said no to owning an NFL team on his own, the private equity firm he is a part of, Harbinger Sports Partners, has been trying to buy minority stakes in the NFL, MLB, and NBA.

But if you think about why the discussion even started, the context would be in the reigning champions’ status. The Seattle Seahawks are on the market, and with them coming off a Super Bowl win, their price is expected to be historic. And how they plan to tackle this season, Cuban could show some interest.

Shifting tides for Seahawks ownership

When the Estate of late Seahawks owner Paul G. Allen formally put the team up for sale in February, the general expectation was that buyers would jump at the opportunity. Instead, ESPN’s Seth Wickersham reported in early May that the reigning Super Bowl champs were only generating “soft” interest. That didn’t last long.

On Wednesday, May 27th, appearing on the Pat McAfee Show, NFL insider Ian Rapoport revealed the market’s momentum has shifted.

“The market, I’m told, has been robust in the way it is trending,” Rapoport said. “Would not be surprised at all if there is a special meeting among NFL owners this coming August, could have a new Seahawks owner before the season.”

Barring any setbacks, Rapoport estimates the value of the franchise “could eclipse $10 billion.” That would make this the richest franchise sale since the Los Angeles Lakers were sold for $10 billion last year.

The Seahawks are infinitely more appealing now because they field a Super Bowl-winning roster. Super Bowl MVP running back Kenneth Walker left in free agency, which stung for Seattle. But the Seahawks seem to have another talented prospect in rookie Jadarian Price, who is already turning heads with OTA highlights. The weapons around quarterback Sam Darnold are in place for another championship run. But they are not calling it “running it back” just yet, with all the changes that have taken place in the coaching department.

While there were a lot of doubts around the team’s functionality with all the things happening in the background with regards to ownership, the Seahawks seem to have it all under control now.  While it is not usual to have a new owner right after you win a Super Bowl, whoever buys the Seahawks will be cashing in on a team that knows how to win.