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The NBA on Wednesday approved the sale of controlling interest of the Dallas Mavericks from Mark Cuban to the families that run the Las Vegas Sands casino company.
The purchase is in the valuation range of $3.5 billion.
Patrick Dumont, Adelson’s son-in-law and president and chief operating officer of the Las Vegas Sands company, will serve as Mavericks governor. Adelson is the widow of casino magnate Sheldon Adelson.
Cuban is expected to maintain control of basketball operations, and there’s no indication the club will leave Dallas.
Cuban has said he wanted to partner with Las Vegas Sands with a long-range plan of building an arena in downtown Dallas that would also include a hotel and casino.
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