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Mark Cuban sells majority stake of the Dallas Mavericks

The NBA approved the sale of the Dallas Mavericks on Wednesday. Mark Cuban will sell the controlling interest of the Mavericks to the families of Miriam Adelson, Patrick, and Sivan Dumont.

The Adelson and Dumont families run the Las Vegas Sands casino company. A month ago, the families had announced their intention to buy the Mavericks. The sale is valued in excess of $4 billion, according to ESPN’s Tim MacMahon. The sale is expected to close this week.

“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. Everywhere we have a business presence, our top priority has been empowering our team members to engage with the local community meaningfully. I very much look forward to bringing that same commitment to Dallas and the greater DFW area.”

Patrick Damontae will serve as the Mavericks governor, while Cuban will maintain control of basketball operations.

“It’s a partnership, right? They're not basketball people, I’m not real estate people. That’s why I did it,” Cuban said, via Texas Metro News’ Dorothy Gentry. “I could’ve gotten more money signing it to somebody else. Obviously, I’m really excited about everything, but this is a great partnership.”

Cuban bought the Mavericks in 2000 for about $285 million. He wants to move the Mavericks out of American Airlines Center and into a new arena, including a hotel and a casino. With Cuban as an owner, the Mavericks have made the playoffs in all but five seasons and have made the NBA Finals twice. They won their only championship in 2011.

The Mavericks are 18-12 and in fifth place in the Western Conference. They are 4.5 games behind the Minnesota Timberwolves, who are in first place.

(Photo by Richard Rodriguez/Getty Images)

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