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.
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.
