Mark Cuban agrees to sell majority share of NBA's Dallas Mavericks

Dallas Mavericks owner Mark Cuban has entered into an agreement to sell a majority stake in the NBA franchise to the family that runs the Las Vegas Sands casino company, it was announced Wednesday. The deal could be completed in the coming weeks.

The agreement would be in the valuation range of $3.5 billion US, according to a person who spoke to The Associated Press on condition of anonymity because that detail was not being made public. Cuban would retain control of basketball operations in the deal.

The company controlled by Miriam Adelson, widow of casino magnate Sheldon Adelson, announced earlier Tuesday it was selling $2 billion of her shares to buy an unspecified professional sports team. It revealed Wednesday that the team was the Mavericks.

"The families are targeting a closing of the transaction by year-end, subject to the satisfaction of customary closing conditions and approval of the NBA Board of Governors," said the statement released by the Adelson and Dumont families.

In a statement sent by <a href="https://twitter.com/LasVegasSands?ref_src=twsrc%5Etfw">@LasVegasSands</a> - the company confirms the families of its largest shareholder, Miriam Adelson, and son-in-law Patrick Dumont, are buying majority ownership of <a href="https://twitter.com/dallasmavs?ref_src=twsrc%5Etfw">@dallasmavs</a> <a href="https://twitter.com/TheNVIndy?ref_src=twsrc%5Etfw">@TheNVIndy</a> <a href="https://t.co/iGyasT3ZUl">pic.twitter.com/iGyasT3ZUl</a>

Patrick Dumont, Miriam Adelson's son-in-law, is president and chief operating officer of the Las Vegas Sands company.

Cuban said almost a year ago he was interested in partnering with Sands. He has been a proponent of legalizing gambling in Texas, an issue that didn't make it out of