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Sands casino family says they’ll buy majority of Dallas Mavericks from Mark Cuban; AP source says valuation is $3.5 billion.

Mark Cuban, 65, purchased the Mavericks in 2000.Christian Petersen/Getty Images via Bloomberg

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, 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.

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“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.

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 the state Legislature in a biennial session that ended earlier this year.