Houston Billionaire Tilman Fertitta Purchases Rockets for $2.2 Billion
Houston billionaire and owner of Landry's, Inc., one of the nation's largest restaurant corporations, Tilman Fertitta has reportedly agreed to purchase the National Basketball League's Houston Rockets franchise for $2.2 billion.
"I am truly honored to have been chosen as the next owner of the Houston Rockets," Fertitta said. "This is a life-long dream come true."
Fertitta, who will buy the team from Houston financier Leslie Alexander, will pay an NBA record amount for the franchise. In 2014, former Microsoft (MSFT) - Get Report CEO Steve Ballmer scooped up the Los Angeles Clippers for $2 billion.
The host of CNBC's "Billion Dollar Buyer" had previously tried to acquire the franchise in 1993 for $81 million but lost out to Alexander who paid $85 million.
"Leslie Alexander has been one of the best owners in all of sports, and I thank him immensely for the opportunity. He has the heart of a champion," Fertitta said.
Forbes in February valued the franchise, which features NBA star players James Harden and Chris Paul, at $1.65 billion, with revenues totaling $244 million.
Fertitta's Landry's Inc. owns a number of restaurants including Bubba Gump Shrimp Company, Joe's Crab Shack, McCormick & Schmick's, and Morton's The Steakhouse.
"I am overwhelmed with emotion to have this opportunity in my beloved city of Houston," Fertitta stated.
The acquisition follows the mega deal to acquire the Miami Marlins Major League Baseball franchise which was sold to an investment group featuring former New York Yankee Derek Jeter, and former NBA Player/current franchise owner Michael Jordan for $1.2 billion.
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