Dallas, Texas - Dallas Mavericks owner Mark Cuban has entered an agreement to sell his majority stake in the NBA team to the families who run the Las Vegas Sands casino resort company.

NBC Dallas-Fort Worth reported on Wednesday that Cuban said he would receive $3.5 billion in the deal, which must be approved by NBA team owners to be completed.

A statement on Wednesday from the prospective new owners – the families of Miriam Adelson and her son-in-law Patrick Dumont, president of Sands Corporation – said they hope to complete the purchase by the end of the year.

"The Adelson and Dumont families have entered into binding purchase agreements to acquire majority ownership and the right to serve as governor of the Dallas Mavericks," the statement said.

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"The families are targeting a closing of the transaction by year-end, subject to satisfaction of customary closing conditions and approval of the NBA Board of Governors."

Forbes magazine last month valued the Mavericks seventh of 30 NBA clubs at $4.5 billion. Forbes says Cuban is worth about $6.2 billion.

Cuban, a passionate basketball fan who often sits courtside at Mavericks games, bought a majority interest in the team in January of 2000 for $285 million.

The 65-year-old American reportedly would remain in operational control of the club but not serve as the team's governor for NBA purposes.

After missing the playoffs for a decade, the Mavericks made it back in 2001, lost in the NBA Finals to Miami in 2006 and captured their first NBA title in 2011 by beating Miami. They hadn't won another playoff series until last year, when they advanced to the Western Conference final before falling to Golden State.

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"The Dallas Mavericks are one of the world's most successful and recognizable sports franchises," the families statement said. "The team has won an NBA championship, has a long history of attracting international superstars and has been supported by a dedicated and passionate fan base and leadership group led by Mark Cuban."

"The Adelson and Dumont families are honored to have the opportunity to be stewards of this great franchise," the statement continued.

"Through our commitment and additional investment in the team, we look forward to partnering with Mark Cuban to build on the team's success and legacy in Dallas and beyond."

Adelson, the widow of casino magnate Sheldon Adelson, is top shareholder in the Sands corporation, which operates major casinos in Singapore and Macau.

Cuban has said he wants to see a new arena built for the Mavericks as part of a casino, providing the state of Texas legalizes gambling.

The Mavericks share third in the NBA Western Conference this season at 11-6.

Slovenian star guard Luka Doncic ranked third in the NBA in scoring with 31.1 points a game so far this season. His 64 3-pointers made this season rank second to Golden State's Stephen Curry and six ahead of Dallas teammate Tim Hardaway Jr.

"The goal is to win and to have a team that proudly represents the greater DFW area and serves as a strong and valuable member of the local community," the families statement said.

"We believe that with this partnership and our commitment to the team, the community and the fans, the future is bright for the Dallas Mavericks."