The Adelson and Dumont families have reached a binding agreement to purchase a majority ownership of the Dallas Mavericks from owner Mark Cuban, the family said in a statement Wednesday.
"The families are targeting a closing of the transaction by year-end, subject to satisfaction of customary closing conditions and approval of the NBA Board of Governors," the statement said. "The Dallas Mavericks are one of the world’s most successful and recognizable sports franchises. 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."
Miriam Adelson, the widow of Las Vegas Sands Corp. founder Sheldon Adelson, and her family in an SEC filing dated Tuesday said it is selling $2 billion of LVS stock and "they currently intend to use the net proceeds from this offering, along with additional cash on hand, to fund the purchase of a majority interest in a professional sports franchise pursuant to a binding purchase agreement, subject to customary league approvals."
Adelson's son-in-law, Sands president and chief operating officer Patrick Dumont, will also be part of the ownership group.
The statement said the two families will have the right to serve as governor of the Mavericks, but Cuban, who will retain a share of the team, could keep the title of governor and maintain a ruling say in basketball operations.
Cuban on Monday announced the 16th season of 'Shark Tank' will be his last.
He bought the franchise for a valuation of $285 million in 2000. While the exact purchase price is not yet determined, Mat Ishbia purchased the NBA’s Phoenix Suns and WNBA’s Phoenix Mercury for a $4 billion valuation a year ago.
Earlier this year, Adelson’s son, Matan Adelson, bought Hapoel Jerusalem of the Israeli Basketball Premier League.
Cuban has been one of the league’s most prominent owners in the past two decades and one of the most fined, racking up nearly $4 million in fines — and that doesn’t include $10 million Cuban donated to women’s groups following an investigation into a toxic work environment, including sexual harassment and workplace misconduct, within the Mavericks’ organization.
The Mavericks have made two Finals appearances under Cuban, winning the 2011 title against the Miami Heat and LeBron James.
NBA reporter Marc Stein first reported the news of the potential sale.
This article originally appeared on USA TODAY: Adelson, Dumont families enter agreement to buy Mavs from Mark Cuban