Mark Cuban has agreed to sell a majority stake of the Dallas Mavericks to Mirian Adelson for a valuation in the range of $3.5 billion, sources tell Shams Charania of The Athletic. The initial reporting on the Adelson family's purchase was by Marc Stein.

Cuban will retain shares in the Mavericks and also full control of basketball operations while also remaining governor. Cuban purchased the Mavericks in 2000 for $285 million.

The Adelson family is selling almost $2 billion in stock in the Las Vegas Sands Corp., "to fund the purchase of a majority interest in a professional sports franchise pursuant to a binding purchase agreement, subject to customary league approvals," according to an SEC filing.

The Sands group, led by Adelson and her son-in-law and company president, Patrick Dumont, has previously had discussions with Cuban about building a casino entertainment district in Dallas that would include a new arena for the Mavericks.