LOS ANGELES (AFP) — Dallas Mavericks owner Mark Cuban has entered an agreement to sell his majority stake in the National Basketball Association club 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.

"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 said 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.

"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."