The Adelson family will purchase Mark Cuban's majority share in the NBA's Dallas Mavericks

Miriam Adelson and family, the principal shareholders of Las Vegas Sands, announced on Wednesday that they will buy a majority stake in the NBA's Dallas Mavericks from billionaire Mark Cuban.

The Adelson family would own the Mavs if the NBA Board of Governors approves the agreement by year's end.

Vegas Sands spokesperson Ron Reese said the Adelson family, including Miriam Adelson's daughter and son-in-law Sivan and Patrick Dumont, have signed a formal purchase agreement to buy controlling ownership of the Mavericks.

 According to Bloomberg, Dr. Miriam Adelson, widow of Sheldon Adelson and main shareholder in Las Vegas Sands, is worth $33 billion.

According to the Adelson and Dumont families, “The Dallas Mavericks are one of the world’s most successful and recognizable sports franchises.” “The team has won an NBA championship, has a long history of attracting international superstars and has been supported by a dedicated and passionate fanbase and leadership group led by Mark Cuban.”

Reports put the Mavericks' value at $3.5 billion, but terms were not released.

Cuban will remain involved with the NBA team after the sale, according to the statement.

The statement continued, “We look forward to partnering with Mark Cuban to build on the team's success and legacy in Dallas and beyond.”

Reports say Cuban will retain partial ownership of the Mavericks and basketball operations.

On Tuesday, Las Vegas Sands Corp. informed the SEC that Miriam Adelson and the Adelson family trust will sell $2 billion of Sands stock “to fund the purchase of a majority interest in a professional sports franchise.”

The Nevada-based Las Vegas Sands Corp. has casinos in Macao and Singapore and had The Venetian on the Strip.

Cuban announced earlier this month that he would depart “Shark Tank” following the next season.