Photo: Pat Bev Pod/YouTube screenshot

Mark Cuban is stepping away as the primary owner of the Mavericks in a surprising turn of events.

He has agreed to sell a majority share of the NBA franchise to Miriam Adelson, widow of the late casino tycoon Sheldon Adelson, at an estimated valuation of around $3.5 billion, as reported by Shams Charania of The Athletic.

While Cuban will still hold a minority stake in the team, he will continue to oversee basketball operations. Cuban, known for his success in selling to Yahoo in the late 1990s, initially acquired the Mavericks for $285 million in 2000.

Under his ownership, the Mavericks secured the 2011 NBA championship and maintained competitiveness, reaching the playoffs in all but six seasons during his tenure.