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 broadcast.com 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.