Dallas Mavericks owner Mark Cuban is now in talks to sell a majority stake in the NBA franchise to the family behind the Las Vegas Sands casino company, according to a source familiar with the negotiation.
The source told the Associated Press Tuesday night that the deal is estimated to be valued at $3.5 billion and is expected to undergo a league approval process that could take several weeks. The person spoke on the condition of anonymity as details have not been officially disclosed.
Will Mark Cuban Still Control Dallas Mavericks' Operations?
Mark Cuban reportedly confirmed to NBC 5 his plans to sell a majority stake in the NBA franchise. However, if the agreement goes through, Cuban would still maintain control over the basketball operations of the Dallas Mavericks.
The potential buyer is the family associated with the Las Vegas Sands, a casino company previously led by the late Sheldon Adelson. Miriam Adelson, the widow of Sheldon Adelson, controls the company.
According to AP, the Adelson family recently announced the sale of $2 billion worth of Miriam Adelson's shares, with the intention of using the proceeds to acquire an undisclosed professional sports team.
It is also worth noting that Cuban expressed his interest in partnering with the Las Vegas Sands nearly a year ago. He has been an advocate for the legalization of gambling in Texas, a cause that did not progress through the state Legislature in the most recent session earlier this year.
Mark Cuban Is Leaving 'Shark Tank'
Mark Cuban also recently announced his departure from the "Shark Tank" TV program after the upcoming 16th season, Business Insider reported.
On the "All the Smoke" podcast, he explained that he feels it's time to move on after over a decade as a shark, motivated by a desire to spend more time with his teens. The 16th season, scheduled for next year, will be his final year on the show.
Cuban has been a consistent judge since the show's third season in 2012, and Season 15 featured him alongside returning sharks Barbara Corcoran, Lori Greiner, Daymond John, Kevin O'Leary, and Robert Herjavec.
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