Sports Club Panther has been sold to a group of investors led by billionaire investor Mark Cuban, the sports club announced Monday.
The announcement comes as the league continues to grapple with the fallout from its new owners.
The sale, first reported by the New York Post, would allow the Panthers to become a “franchise” and allow them to use the proceeds from the sale to “promote philanthropy, engage with the community and other charitable endeavors.”
The move will allow the sports franchise to become part of the Dallas Mavericks’ new corporate entity.
The move comes as new ownership groups seek to expand the NBA’s footprint beyond the country’s largest markets and attract fans to a league with the highest average attendance in the league.
The Panthers’ current home is in New Orleans, but it’s also a popular destination for visiting fans.
The team was one of the NFL’s most popular franchises and is widely regarded as one of sports’ greatest franchises.