DALLAS — Billionaire and Dallas Mavericks owner Mark Cuban is set to sell a majority stake in the NBA team to Miriam Adelson and the Adelson family, according to a report from The Athletics’s Shams Charania. NBA reporter Marc Stein was the first to report the potential sale.

Miriam Adelson is the widow of Sheldon Adelson, the founder of the Las Vegas Sands Corporation.

The family announced earlier Tuesday it was selling $2 billion of Miriam's Sands shares to buy an unspecified professional sports team.

Under the unusual terms of the deal, the report states, Cuban will retain some shares of the team he purchased in 2000 and keep full control of basketball operations.

Charania said the deal values the team at roughly $3.5 billion.

While there is no indication of any intent to relocate the team, it’s long been speculated that Las Vegas will land an NBA team at some point. It’s already home to the NFL’s Las Vegas Raiders and the NHL's Vegas Golden Knights. Earlier this month, the relocation of the Oakland Athletics to Las Vegas was unanimously approved by MLB team owners.

Cuban said almost a year ago he was interested in partnering with the Sands. He has been a proponent of legalizing gambling in Texas, an issue that didn’t make it out of the state Legislature in a biennial session that ended earlier this year.

Founded in 1980, the Dallas Mavericks won a championship in 2011 and have won four division titles and two conference championships. Dallas was one of the worst franchises in pro sports in the 1990s, but turned into one of the best under Cuban, with a lot of help from star forward Dirk Nowitzki.

Earlier this week, Cuban announced on a podcast that after the current season, he will leave the popular ABC series “Shark Tank” after 10 years.

This is a developing story.