The Adelson and Dumont families of the Las Vegas Sands casino have "entered into binding purchase agreements to acquire majority ownership and the right to serve as Governor of the Dallas Mavericks," according to a statement released Wednesday.
The families are targeting a closing of the transaction by the end of 2023, subject to satisfaction of customary closing conditions and approval by the NBA board of governors, the statement said.
"The Dallas Mavericks is one of the world's most successful and recognizable sports franchises," the statement read, in part. "The team has won an NBA championship, has a long history of attracting international superstars and has been supported by a dedicated and passionate fanbase and leadership group led by Mark Cuban.
"The Adelson and Dumont families are honored to have the opportunity to be stewards of this great franchise. Through our commitment and additional investment in the team, we look forward to partnering with Mark Cuban to build on the team's success and legacy in Dallas and beyond."
The agreement would be in the valuation range of $3.5 billion and take weeks for the league to process, according to The Associated Press.
Cuban will maintain a stake in the franchise and continue to have control of basketball operations, sources told ESPN on Tuesday night.
According to an SEC filing, the Adelson family is selling almost $2 billion in stock in the Las Vegas Sands Corp. "to fund the purchase of a majority interest in a professional sports franchise pursuant to a binding purchase agreement, subject to customary league approvals." The filing identified Miriam Adelson, a medical doctor and widow of casino magnate Sheldon Adelson, and the Miriam Adelson Trust as sellers, but it didn't specify a team, league or location.
If the entirety of the $2 billion goes toward the purchase, it would mean the Adelson family could be acquiring at least 57% of the NBA team -- based on the $3.5 billion valuation.
The Sands group, led by Miriam Adelson and her son-in-law and company president Patrick Dumont, has previously had discussions with Cuban about building a casino entertainment district in Dallas that would include a new arena for the Mavericks. Those plans would require gambling to become legal in Texas, for which Cuban has lobbied state politicians.
"The goal is to win and to have a team that proudly represents the greater DFW area and serves as a strong and valuable member of the local community," the statement from the Adelson and Dumont families said. "We believe that with this partnership and our commitment to the team, the community and the fans, the future is bright for the Dallas Mavericks."
Cuban, 65, has owned the Mavericks since 2000, when he purchased a majority share in the franchise for $285 million. He recently announced he was leaving the popular business TV program "Shark Tank" after its 16th season next year.