The NBA approved investor Miriam Adelson’s purchase of a majority stake in the Dallas Mavericks from entrepreneur Mark Cuban.

The US$3.5 billion deal won clearance Wednesday from the basketball league’s Board of Governors, according to a statement. Cuban will keep a minority stake.

The approval puts Adelson, the widow of casino magnate Sheldon Adelson, and her Las Vegas Sands Corp. a step closer to their goal of eventually building a casino and arena complex in Dallas. Sands has sought unsuccessfully for years to convince Texas to legalize casino gambling. The company specializes in large resorts that integrate hotels, casinos, convention space and entertainment.

Cuban bought the Mavericks for $285 million in 2000, and is a familiar presence at his courtside seats. The price represents a significant premium to the $2.77 billion Mavericks valuation set by sports media firm Sportico in December, but trails the $4 billion Mat Ishbia paid for the Phoenix Suns earlier this year, the highest price ever paid for an NBA team excluding minority interest sales. That deal also included the WNBA’s Mercury. 

The past two years have seen record sums paid for sports teams, including $6 billion for the Washington Commanders of the NFL and $5.4 billion for Chelsea football club.