From Fortune:



The NBA has approved the sale of a majority stake in the Dallas Mavericks by Mark Cuban to the family of Miriam Adelson, who is the controlling shareholder of Las Vegas Sands Corp. The $3.5 billion deal was cleared by the NBA Board of Governors and is expected to be closed soon, with Cuban retaining a minority stake in the team. This could be a major win for the Adelson family, as they plan to eventually build a casino and arena complex in Dallas, though they have not been successful in convincing Texas to legalize casino gambling in the past. Miriam Adelson has expressed excitement about cheering on the team and getting to know its passionate fan base.

The sale represents a significant premium to the Mavericks’ valuation set by Sportico in December, but falls short of the record price paid by Mat Ishbia for the Phoenix Suns earlier this year. The past two years have seen record sums paid for sports teams, with the deal also including the WNBA’s Mercury. The Adelson family had more than a 50% stake in Las Vegas Sands before announcing plans to sell $2 billion of shares to finance the Mavericks purchase, and Miriam Adelson is worth more than $34 billion according to the Bloomberg Billionaires Index.



Read more: Mark Cuban’s $3.5 billion sale of a majority stake in Dallas Mavericks wins NBA approval