(CNN) — The owner of a casino empire is preparing to buy a majority share of the NBA’s Dallas Mavericks franchise from billionaire businessman Mark Cuban, according to reports.
The reports come as Las Vegas Sands Corp. informed the Securities and Exchange Commission Tuesday that Dr. Miriam Adelson, the company’s majority shareholder, and the Adelson family trust plans to sell $2 billion of Sands stock “to fund the purchase of a majority interest in a professional sports franchise.”
The Las Vegas Sands Corp., headquartered in Nevada, owns casinos in Macao and Singapore, and used to own The Venetian on the Las Vegas Strip.
The Adelson family will purchase a majority share of the Mavericks franchise from Cuban, agreeing on a valuation range of $3.5 billion, according to multiple media reports that cited sources familiar with the deal.
The deal will reportedly see Cuban retain partial ownership of the Mavericks franchise and remain in control of the team’s basketball operations. Cuban would also reportedly remain the Mavericks’ governor, representing the franchise at NBA owners’ meetings.
A spokesperson for the Mavericks referred all inquiries to the Adelson family. CNN has sought comment from Las Vegas Sands Corp.
Earlier this month, Cuban said he would leave the entrepreneur TV series “Shark Tank” after the show’s next season.
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