LAS VEGAS (CelebrityAccess) — Dr. Miriam Adelson announced that she’s reached a deal to purchase a majority stake in the NBA’s Dallas Mavericks from billionaire investor Mark Cuban.
The deal, which requires approval from the NBA Board of Governors, is expected to close by the end of the year.
As part of the deal, Adelson and her family trust are selling more than $2 billion of its stake in the casino and resort chain Las Vegas Sands to finance the purchase.
The full terms of the proposed deal were not disclosed but media reports suggest the transaction values the Mavericks at roughly $3.5 billion.
According to the statement, Cuban will continue to play an active role with the team following the conclusion of the sale.
Dr. Miriam Adelson is the widow of the late casino mogul Sheldon Adelson, with a fortune worth $33 billion, according to estimates compiled by Bloomberg.
Cuban, a longtime fan of the Mavericks, purchased the team in 2000 from a group led by investor and outsider presidential candidate Ross Perot for $285 million.
