Mark Cuban Selling Majority Stake in Dallas Mavericks to Casino Tycoons: Report

The sale to Las Vegas-based billionaire Miriam Adelson and her family is reportedly worth $3.5 billion

Mark Cuban is reportedly selling his majority stake in the Dallas Mavericks to American-Israeli billionaire Miriam Adelson and the Adelson family, according to multiple outlets.

League sources told The Athletic on Tuesday that Cuban, 65, will sell his stake to Miriam and the Adelson family for an estimated $3.5 billion. The Shark Tank star intends to maintain full control over the franchise's basketball operations should the league approve the transaction.

The Associated Press said it could take weeks for the league to approve new ownership.

When reached by PEOPLE, Cuban declined to comment on any potential deal, however, if one is closed, he will continue to run basketball operations for the Mavericks.

Miriam — the 35th richest person in the world this year, according to Forbes — is the largest shareholder of Las Vegas Sands and the widow of Sheldon Adelson, founder of Sands. Per CNBC, Miriam and her family inherited 56% of the Sands shares when Sheldon died in 2021.

On Tuesday, a Sands filing with the Securities and Exchange Commission revealed that the Adelson family was selling $2 billion of their stock in the casino company to fund "the purchase of a majority interest in a professional sports franchise pursuant to a binding purchase agreement."

Related: Mark Cuban Says He Would Buy the Mavericks Again Even 'If It Made No Business Sense'

The company's filing stated, “We have been advised by the selling stockholders that they currently intend to use the net proceeds from this offering, along with additional cash on hand, to fund the purchase of a majority interest in a professional sports franchise pursuant to a binding purchase agreement, subject to customary league approvals."

NBA insider Marc Stein was first to report the news on Tuesday.

When reached for comment, director of communications for the Mavericks, Alan Rakowski, said to PEOPLE, "Please refer to the Adelson family for comment." A representative for Las Vegas Sands did not immediately return PEOPLE's request for comment.

Miriam and her son-in-law, Sands president and COO Patrick Dumont, issued a statement shared by ESPN and The Dallas Morning News.

“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,” they said. “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.”

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They continued, “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.”

“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 statement read.

“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 two families concluded. “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.”

Related: Mark Cuban Calls Teen Son Jake a 'Little Me' as He Details His Candy-Selling Business (Exclusive)

League sources told The Athletic that Cuban, who purchased the Mavericks in 2000 for $285 million, was impressed with Miriam's experience in real estate and arena development. Last year, he expressed interest in partnering with Sands to build a casino and resort in Dallas with space for the Mavericks.

Prior to her interest in sports ownership, Miriam was a physician with strong philanthropic ties to the GOP.

According to Forbes, she is a "megadonor" to the party, and she and Sheldon gave over $218 million during the 2020 election cycle to conservative candidates and efforts. Among the Republican politicians she has financially supported, former president Donald Trump received $75 million from the billionaire couple during his 2020 campaign run, CNN reported at the time.

Matan Adelson, Miriam and Sheldon's son, headed a group investing $20 million in Israeli basketball team Hapoel Jerusalem, according to a report from The Jerusalem Post. Gal Mekel, a former Dallas Mavericks player, signed onto Hapoel as a minority shareholder and basketball consultant.

Matan said the Jerusalem Post, “I met Gal when he was playing with the Dallas Mavericks and they were in Los Angeles." He added, "We rekindled our friendship when I came to Israel and it was clear early on that he resonated with my vision, which instilled great confidence in me that he would bring tremendous value to this team.”

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