(Bloomberg) -- The NBA approved Mark Cuban's sale of a majority stake in the Dallas Mavericks to the family of Miriam Adelson, the controlling shareholder of Las Vegas Sands Corp.
The $3.5 billion deal won clearance Wednesday from the basketball league's Board of Governors and is expected to close this week, according to a statement. Cuban will keep a minority stake.
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The approval puts Adelson, the widow of casino magnate Sheldon Adelson, and Las Vegas Sands a step closer to their goal of eventually building a casino and arena complex in Dallas. Sands has sought unsuccessfully for years to convince Texas to legalize casino gambling. The company specializes in large resorts that integrate hotels, casinos, convention space and entertainment.
“The state of Texas has always been friendly to our family, and we look forward to being able to repay that kindness,” Adelson said in a statement. “I am excited to spend time cheering on the team and getting to meet members of its passionate fan base.”
Cuban bought the Mavericks for $285 million in 2000, and is a familiar presence at his courtside seats. The price represents a significant premium to the $2.77 billion Mavericks valuation set by sports media firm Sporticoin December, but trails the $4 billion Mat Ishbia paid for the Phoenix Suns earlier this year, the highest price ever paid for an NBA team excluding minority interest sales. That deal also included the WNBA's Mercury.
The past two years have seen record sums paid for sports teams, including $6 billion for the Washington Commanders of the NFL and $5.4 billion for Chelsea football club.
Read More: Adelson Would Be Only Woman Among the Richest US Sports Owners
The Adelson family held more than a 50% stake in Las Vegas Sands, according to a March regulatory filing, before announcing plans last month to sell $2 billion of shares to finance the Mavericks purchase.
Adelson is worth more than $34 billion, according to the Bloomberg Billionaires Index.
(Adds Adelson's statement in fourth paragraph.)
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