Entrepreneur and Dallas Mavericks owner Mark Cuban is selling a majority stake in the basketball team to billionaire Miriam Adelson, the largest shareholder at casino chain Las Vegas Sands, according to the Athletic, in a deal that would allow Cuban to maintain shares in the team and continue as its head of basketball operations.
Cuban owns an 85% stake in the Mavericks. (Photo by Mitchell Leff/Getty Images)
Cuban is selling a majority stake to Adelson and her family for a valuation in the range of $3.5 billion, according to Shams Charania, a reporter with the Athletic.
Marc Stein, an NBA insider, tweeted that Cuban would continue to retain operational control of the team.
The development comes hours after Las Vegas Sands announced that Adelson is selling $2 billion of her shares to purchase an unnamed sports franchise.
Cuban did not immediately respond to Forbes’ request for comment.
This is a developing story. Check back for updates.