In a significant development in the sports business world, Dallas Mavericks owner Mark Cuban has agreed to sell a majority stake in the NBA club to the Adelson family, the widow of the late GOP donor and casino magnate Sheldon Adelson. The announcement was made on Wednesday, with the National Basketball Association (NBA) releasing a statement on behalf of the prospective new owners.

Under the binding purchase agreements, the Adelson and Dumont families will acquire majority ownership of the Dallas Mavericks and gain the right to serve as Governor of the franchise. Patrick Dumont, Miriam Adelson's son-in-law and President/COO of the renowned Las Vegas Sands company, will play a key role in the ownership.

While the terms of the sale were not immediately disclosed, NBC Dallas-Fort Worth estimated the deal to be valued at $3.5 billion. Mark Cuban, already a wealthy entrepreneur with a net worth of approximately $6.2 billion according to Forbes, will now relinquish control of the seventh most valuable franchise in the NBA, which is worth about $4.5 billion.

The prospective new owners aim to complete the transaction by the end of this year, subject to standard closing conditions and NBA Board of Governors' approval. Assuming the deal goes through, the Adelson and Dumont families would become the driving force behind the Mavericks, a team that has enjoyed success, including an NBA championship in 2011, and boasts a passionate fan base.

The Adelsons, known for their vast contributions to the Republican Party, were supporters of former President Donald Trump. Sheldon Adelson, who passed away in 2021 at the age of 87, was a highly influential GOP megadonor. In recognition of her philanthropic endeavors, Miriam Adelson was awarded the Presidential Medal of Freedom by President Trump in 2018.

The Dallas Mavericks are an iconic sports franchise recognized globally for their achievements and the charisma of their current owner, Mark Cuban. With a rich history of attracting international superstars and the unwavering support of their fans, the Mavs have become one of the most successful and recognizable teams in the NBA.

Cuban, who recently announced his departure from the investment reality TV show "Shark Tank" in the coming year, has often been linked to potential third-party presidential candidacies. However, he clarified to NBC News that he has no interest in running for the White House in 2024.

This sale marks a significant transition for the Dallas Mavericks, as the Adelson and Dumont families prepare to take the reins of the franchise with ambitions to build on its success and continue to capture the hearts and minds of basketball enthusiasts worldwide.