Ross Perot Jr. and Mark Cuban on Friday signed an agreement on the proposed sale of the Dallas Mavericks.
The sale will be complete upon formal approval by the NBA.
Cuban, co-founder of broadcast.com, has offered $280 million for controlling interest and a majority share of the club. Perot's Hillwood Development will become a minority owner in the team, but Perot will continue to lead development and construction of the new American Airlines Center near downtown Dallas.
Perot's group bought the Mavericks less than four years ago from Donald Carter, paying about $125 million.
The new arena will house the Mavericks and the Dallas Stars of the NHL, both of whom now play in Reunion Arena.
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