SANDS CASINO FAMILY SAYS THEY'LL BUY MAJORITY OF MAVS FROM CUBAN. AP SOURCES SAYS VALUATION IS $3.5B

Miriam Adelson. AP Photo 

Dallas Mavericks owner Mark Cuban has entered into an agreement to sell a majority stake in the NBA franchise to the family that runs the Las Vegas Sands casino company, it was announced Wednesday. The deal could be completed in the coming weeks.

The agreement would be in the valuation range of $3.5 billion, according to a person who spoke to The Associated Press on condition of anonymity because that detail was not being made public. Cuban would retain control of basketball operations in the deal.

The company controlled by Miriam Adelson, widow of casino magnate Sheldon Adelson, announced earlier Tuesday it was selling $2 billion of her shares to buy an unspecified professional sports team. It revealed Wednesday that the team was the Mavericks.

“The families are targeting a closing of the transaction by year-end, subject to the satisfaction of customary closing conditions and approval of the NBA Board of Governors,” said the statement released by the Adelson and Dumont families.

MARK CUBAN WORKING ON $3.8B SALE OF DALLAS MAVERICKS TO SANDS CASINO FAMILY, AP SOURCE SAYS

AP Photo 

Dallas Mavericks owner Mark Cuban is working on a deal to sell a majority stake in the NBA franchise to the family that runs the Las Vegas Sands casino company, a person with knowledge of the talks said Tuesday night.

The agreement would be in the valuation range of $3.5 billion and take weeks for the league to process, according to the person, who spoke to The Associated Press on condition of anonymity because details weren't being made public.

Cuban would retain control of basketball operations in the deal. NBA reporter Marc Stein was the first to report the potential sale.

The company controlled by Miriam Adelson, widow of casino magnate Sheldon Adelson, announced earlier Tuesday it was selling $2 billion of her shares to buy an unspecified professional sports team.

Cuban said almost a year ago he was interested in partnering with Sands. He has been a proponent of legalizing gambling in Texas, an issue that didn't make it out of the state Legislature in a biennial session that ended earlier this year.