[5] In December 2021, Mark Cuban, entrepreneur and former owner of the Dallas Mavericks, purchased the 77-acre (31 ha) town for roughly $2 million.

[6] Mustang is situated at the northeastern corner of the junction of Interstate 45 and FM 739 in central Navarro County.

[7] According to the United States Census Bureau, the town has a total area of 0.1 square miles (26 ha), all land.

[8] The incorporation effort was led by partners William "Bill" McKie, a former Corsicana city attorney, and Harold "Mack" McElhenney, a businessman.

[7] By the mid-1990s, the town lost its status as the primary alcohol stop in the county, as other nearby communities began to repeal their blue laws.

Town founder Bill McKie negotiated a deal to sell Mustang to Tommy Sinclair, who leased a club in the community, on June 5, 2005, for $600,000.

Since McKie's death, legal wrangling over ownership of the town and financial issues have plagued Mustang.

In November 2006, the city of Angus threatened to cut off water service to the community over an unpaid bill that totaled $3,400.

[10] Tommy Sinclair and two others were indicted on June 25, 2009, by a Navarro County grand jury in connection with the October 1, 2008, death of a Houston man after an alleged altercation at his cabaret in Mustang.

[11] The Dallas Morning News reported in December 2021 that billionaire Mark Cuban purchased the entire town for around $2 million.