NBA approves sale of Dallas Mavericks

Mark Cuban sells his shares to Adelson family in a deal valued at $3.5 billion.

The sale of the Dallas Mavericks is already a fact and all that remains is it being made official this week. The NBA Board of Governors approved the transfer of the majority of the shares owned by Mark Cuban to the family of Sheldon Adelson, founder of the Las Vegas Sands Corporation casino and resort chain.

The operation, valued at around $3.5 billion, expands the assets - valued at around $32.3 billion - of Sheldon Adelson's widow, Miriam Adelson, and will make Patrick Dumont, one of his sons-in-law, the new governor of the Texas franchise.

"Through our commitment and additional investment in the team, we look forward to partnering with Mark Cuban to build on the team’s success and legacy in Dallas and beyond," the Adelson and Dumont families said. "The goal is to win and to have a team that proudly represents the greater DFW area and serves as a strong and valuable member of the local community.”

However, Cuban will not completely separate himself from the Mavericks, as he will continue to control the franchise's sports decisions.

This transfer makes Miriam Adelson the third woman owner of an NBA franchise, after Jeanie Buss (Los Angeles Lakers) and Gayle Benson (New Orleans Pelicans).