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

The US$3.5 billion deal, which was initially reported last month, won clearance from the basketball league’s Board of Governors.

As part of the deal, Cuban will keep a minority stake and full control of basketball operations.

Cuban, a Jewish entrepreneur who grew up in Mount Lebanon, Pennsylvania, initially purchased the Mavericks for $285 million in January 2000.

Adelson is listed as the fifth richest woman in the world by Forbes. She and her family inherited 56% of the shares of the world’s largest casino company when her spouse, Las Vegas Sands founder Sheldon Adelson, passed away in 2021.

Adelson is well-known for her significant philanthropic donations toward causes that improve Jewish relations in the United States. She is also the owner and publisher of the Israel Hayom daily newspaper.

The price for which the Mavericks were sold 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, another Jewish billionaire, paid for the Phoenix Suns.