Dallas Mavericks owner Mark Cuban agreed to sell a majority of his NBA club to the family of Miriam Adelson, the widow of the GOP donor and casino magnate Sheldon Adelson, officials said Wednesday.
"The Adelson and Dumont families have entered into binding purchase agreements to acquire majority ownership and the right to serve as Governor of the Dallas Mavericks," the prospective new owners said in a statement released by the NBA.
Patrick Dumont, Miriam Adelson’s son-in-law, is the president and chief operating officer of the family's Las Vegas Sands company, one of the world's best-known hotel and gaming companies.
It owns some of the most famous properties in Singapore and Macau, including the Marina Bay Sands, with a rooftop pool used in the movie "Crazy Rich Asians."
The terms of the sale were not immediately disclosed. NBC Dallas-Fort Worth put the deal at $3.5 billion.
Cuban is worth about $6.2 billion, according to Forbes.
"The families are targeting a closing of the transaction by year-end, subject to satisfaction of customary closing conditions and approval of the NBA Board of Governors," according to the family statement.
The prospective new owners would be in control of the NBA's seventh most valuable franchise, which is worth about $4.5 billion, according to the most recent Forbes rankings.
Only the Golden State Warriors, the New York Knicks, the Los Angeles Lakers and Clippers, the Boston Celtics and the Chicago Bulls have higher estimated values.
The Mavericks have won the NBA title once, in 2011, and are one of the league's most recognizable teams, thanks in part to Cuban's big persona.
Cuban, 65, recently announced he intends to leave the investment reality TV show "Shark Tank" next year.
According to the prospective new owners: "The Dallas Mavericks are one of the world’s most successful and recognizable sports franchises. 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."
Sheldon and Miriam Adelson were enthusiastic supporters of President Donald Trump. He awarded Miriam Adelson with the Presidential Medal of Freedom in 2018.