HOUSTON, Texas — The Houston Rockets today announced that a definitive agreement has been signed for the purchase of the NBA franchise by Houston businessman Tilman J. Fertitta, sole owner of the Landry’s restaurant empire and Golden Nugget Casinos and Hotels. The transaction, which includes operation of the Toyota Center Arena, requires the approval of the NBA Board of Governors. It’s reported that the deal is valued at $2.2 billion, which would be a record – NBA franchise sales price.
This process started back in July, and it is truly unfortunate that this announcement is occurring amidst the aftermath of one of the biggest tragedies in the history of our great City.
“I am truly honored to have been chosen as the next owner of the Houston Rockets. This is a life-long dream come true,” said Fertitta, a native of Galveston and life-long resident of the Houston area. “Leslie Alexander has been one of the best owners in all of sports, and I thank him immensely for this opportunity. He has the heart of a champion. Lastly, out of respect for the NBA’s approval process, I can say no more other than I am overwhelmed with emotion to have this opportunity in my beloved city of Houston.”
“I am excited to welcome and pass the torch to Tilman. He is a Houstonian, business leader and committed to the success and excellence of the Rockets both on and off the basketball court,” said Leslie Alexander, the current Rockets owner. “I have personally known Tilman for over 24 years and don’t think I could have found anyone more capable of continuing the winning tradition of our Houston Rockets.”
Tilman J. Fertitta has reached a definitive agreement to purchase the Houston Rockets.
— Houston Rockets (@HoustonRockets) 5 september 2017
Forbes Magazine values the Houston Rockets franchise this past February at $1.65 billion ranking eighth in the NBA — with revenues of $244 million.
( Jon Shapley / Houston Chronicle )