DALLAS — Mark Cuban has been the outspoken majority owner of the Dallas Mavericks since he bought the team from previous owner H. Ross Perot Jr. in the middle of the 1999-2000 NBA season.
But that much is about to change: According to reports, Cuban is selling a majority stake in Dallas' NBA franchise to the Las Vegas-based casino magnate Miriam Adelson and her family.
A statement sent out to the media on Wednesday on behalf of the Adelson family and the Dumont family -- Patrick Dumont, 49, is the president and COO of Las Vegas Sands Corp., and Miriam Adelson's son-in-law -- confirmed the 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," the statement reads in part.
Read the full statement here.
The terms of the deal are not yet known.
Although Cuban, 65, will relinquish majority ownership of the franchise as part of the sale, he will, per reports, "continue to retain operational control of the team."
Cuban has not yet publicly commented on the deal.
The agreement would be in the valuation range of $3.5 billion and would take weeks for the league to process, according to a person with knowledge of the talks, who spoke to The Associated Press on condition of anonymity because details weren't being made public.
NBA insider Marc Stein was the first to report the news of the sale.
Adelson, 78, is estimated along with her family to have a net worth of $35 billion, and is the fifth-richest woman in the world, according to Forbes. She is the widow of the late, polarizing figure Sheldon Adelson, who founded the Las Vegas Sands Corporation upon purchasing that city's Sands Hotel and Casino for $110 million in 1988.
On Tuesday, Bloomberg reported that Adelson has sold $2 billion worth of Las Vegas Sands Corp. with the intention of purchasing an then-undisclosed NBA team.
The NBA requires all new franchise owners to go through a vetting process, which includes an interview with the league's advisory finance committee, and, once passed, to earn approval from a percentage of the NBA's governors in a vote.
There is currently no NBA team in Las Vegas, although the league is hosting the final games in its inaugural In-Season Tournament at the city's T-Mobile Arena later this year. T-Mobile Arena is co-owned by MGM Resorts International and AEG.
While the news of Cuban selling a greater than 50 percent interest in the Mavericks is a shock, it's not a surprise that he would partner with a Las Vegas business partner for the franchise's future.
Last year, while discussion long-term plans for the Mavericks, Cuban told the Dallas Morning News that he wanted the Mavericks' next home arena in Dallas to be "in the middle of a resort and casino." He even specifically namedropped that his "goal" would be to "partner with the Las Vegas Sands" in doing so.
For years now, and as recently as earlier this month, Cuban has also spoken openly about his desire to legalize gambling in Texas.
Las Vegas Sands has been advocating for the same in recent years, lobbying politicians in the process to little success. While Texas legislators have shown an openness to allowing sports gambling in the state, efforts to legalize casinos in Texas earlier this year failed to make it out of the Texas House of Representatives.
Earlier this week, Cuban announced plans to step away from his role on "Shark Tank" following the filming of the popular business reality show's 16th season. Its 15th season is currently airing on ABC.
Sources close to Cuban confirmed to WFAA's Joe Trahan that Cuban's departure from "Shark Tank" and his reported sale of a stake in the Mavericks are not the result of any health concerns and have nothing to do with a desire to run for president.
The Associated Press contributed to this report. This is a developing story. More details will be added as they are confirmed.