Agreement in place for casino mogul to buy Mavericks - ESPN

The Adelson and Dumont families of the Las Vegas Sands casino have «entered into binding purchase agreements to acquire majority ownership and the right to serve as Governor of the Dallas Mavericks,» according to a statement released Wednesday.

The families are targeting a closing of the transaction by the end of 2023, subject to satisfaction of customary closing conditions and approval by the NBA board of governors, the statement said.

«The Dallas Mavericks is one of the world's most successful and recognizable sports franchises,» the statement read, in part. «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 agreement would be in the valuation range of $3.5 billion and take weeks for the league to process, according to The Associated Press.

Cuban will maintain a stake in the franchise and continue to have control of basketball operations, sources told ESPN on Tuesday night. According to an SEC filing, the Adelson family is selling almost $2 billion in stock in the Las Vegas Sands Corp., «to fund the purchase of a majority interest in a professional sports franchise pursuant to a binding purchase agreement, subject to customary league approvals.»

The filing identified Miriam Adelson, a medical doctor and widow of casino magnate Sheldon Adelson, and the Miriam Adelson Trust as sellers, but it