Renowned casino tycoon set to acquire controlling stake in Mark Cuban's NBA franchise, the Dallas Mavericks

The owner of a casino empire is getting ready to acquire a majority stake in the Dallas Mavericks franchise of the NBA from billionaire businessman Mark Cuban, as confirmed by several media reports.

This news follows an announcement by Las Vegas Sands Corp to the Securities and Exchange Commission, revealing that the companys majority shareholder, Dr. Miriam Adelson, and the Adelson family trust intend to sell $2 billion of Sands stock "to finance the acquisition of a majority stake in a professional sports franchise."

The Las Vegas Sands Corp., based in Nevada, operates casinos in Macao and Singapore, and previously owned The Venetian on the Las Vegas Strip.

According to media reports citing sources familiar with the deal, the Adelson family is set to acquire a majority stake in the Mavericks from Cuban for $3.5 billion. Cuban is said to retain partial ownership of the franchise and continue to oversee the team's basketball operations. He would also reportedly remain the Mavericks governor, representing the team at NBA owners meetings.

The Mavericks' spokesperson directed all inquiries to the Adelson family. CNN reached out to Las Vegas Sands Corp for comment. Earlier this month, Cuban announced his departure from the television series "Shark Tank" after the upcoming season.