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The Adelson and Dumont families of the Las Vegas Sands casino have "entered into binding purchase agreements to acquire majority ownership and the right to serve as Governor of the Dallas Mavericks," according to a statement released Wednesday.
The families are targeting a closing of the transaction by the end of 2023, subject to satisfaction of customary closing conditions and approval by the NBA board of governors, the statement said.
"The Dallas Mavericks is one of the world's most successful and recognizable sports franchises," the statement read, in part.