The Adelson family is purchasing a majority stake in the Dallas Mavericks from Mark Cuban.

• Miriam Adelson and her family are purchasing a majority stake in the NBA's Dallas Mavericks from billionaire Mark Cuban.
• Las Vegas Sands' largest shareholder, Adelson, is selling $2 billion worth of company stock.
• In a filing, the company stated that Adelson would utilize the funds to purchase a sports team.

A source close to the matter revealed to CNBC that billionaire investor Mark Cuban is transferring ownership of the majority stake of the Dallas Mavericks to the Adelson family.

Cuban still owns a stake in the team and will run basketball operations.

According to a company announcement, Adelson is selling $2 billion worth of Las Vegas Sands stock, which is approximately 10% of her stake. The proceeds will be used to purchase a professional sports team, as stated in a filing made on Tuesday.

Adelson and her family are the largest shareholders in .

According to the Selling Stockholders, they plan to use the net proceeds from this offering, along with any additional cash on hand, to purchase a majority interest in a professional sports franchise through a binding purchase agreement, pending league approvals.

The league declined to comment on the news, and the Mavericks directed CNBC to the Adelson family for comment. CNBC has contacted Cuban for a response.

The NBA's board of governors must approve the deal for Adelson's family to close it by the end of the year.

We are excited to partner with Mark Cuban and invest in our team to continue their success and legacy in Dallas and beyond. Our goal is to win and establish a team that proudly represents the greater DFW area and contributes positively to the local community.

The fifth-richest woman in the world, Adelson, inherited 56% of the shares of the world’s largest casino company after her spouse’s death. The value of her estate’s shares was over $20 billion at the market close on Tuesday.

The real estate footprint of LVS in Macao and Singapore is significant, but investors are not optimistic about the reopening of casinos in these regions, resulting in flat shares year to date.

On Tuesday, Las Vegas Sands revealed that it will purchase $250 million worth of Adelson's shares. During its third-quarter earnings call on October 18, the company announced a $2 billion share repurchase authorization. Following the news of Adelson's share sale, the stock dropped more than 4% in extended trading.

Patrick Dumont, Sands’ president and chief operating officer and Adelson’s son-in-law, stated on the earnings call that as we contemplate our future capital return, we anticipate that share repurchases will be more heavily weighted than dividends. He believes that repurchases will be more accretive than dividends over time, as they reduce the denominator. Dumont emphasized that Sands fundamentally believes in the compounding long-term benefit of share repurchases.

Miriam Adelson and her late husband were known for activities other than owning a sports franchise.

In the 2020 election cycle, the couple surpassed $218 million in political donations to Republican and conservative causes, as reported by OpenSecrets, a group that monitors political spending.

Recent reports indicate that Miriam has had meetings with both Nikki Haley and former President Donald Trump in Las Vegas.

Miriam Adelson, a medical doctor, is renowned for her emphasis on addiction.

She, born in Israel, has made significant philanthropic donations toward causes that improve Jewish relations in the United States. Lately, she has been a vocal critic of those protesting Israel's military response to Hamas' terrorist attacks of Oct. 7.

– CNBC’s Jessica Golden contributed to this article.

Mark Cuban is a panelist on "Shark Tank," which CNBC owns the exclusive off-network cable rights to.