Houston billionaire Tillman Fertitta has reached an agreement to purchase the Houston Rockets from Leslie Alexander.

The $2.2 billion sale price to break the NBA record sale of $2 billion from when the Clippers were sold to Steve Ballmer, according to the person familiar with the terms of the deal.

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"I am truly honored to have been chosen as the next owner of the Houston Rockets," Fertitta said in a statement. "This is a life-long dream come true.

"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."

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Fertitta, 60, is a Galveston native, chairman and CEO of Landry's Inc. and chairman of the University of Houston board of Regents. Feritta is also the owner of Golden Nugget Casinos, but casino ownership is not considered an issue with the NBA regarding ownership approval with several current owners owning stakes in casinos.

Can confirm Leslie Alexander reached agreement to sell Rockets to Tilman Fertitta. Sale price to break $2 billion record for an NBA sale. — Jonathan Feigen (@Jonathan_Feigen) September 5, 2017

Alexander, 73, purchased the Rockets in 1993 from Charlie Thomas for $85 million. He announced his plans to sell the team in July to leave the grind of running a team and concentrate on philanthropic efforts. He donated $10 million to Sylvester Turner's Hurricane Harvey relief fund last week.

Tilman Fertitta at a glance Age: 60, born in Galveston

Resume: Chairman, CEO and owner of Landry's; chairman, University of Houston Board of Regents; star of "Billion Dollar Buyer" on CNBC

Landry's revenue: $3.4 billion in 2016, up from $3.3 billion in 2015

Employees: 60,000, with 10,800 in Houston

Business: Dining, hospitality, entertainment and gaming. Operates more than 50 brands including Landry's Seafood, Kemah Boardwalk, McCormick & Schmick's, Morton's The Steakhouse, Golden Nugget Casinos, Galveston Island Historic Pleasure Pier, San Luis Resort, Spa & Conference Center in Galveston.

Net worth: $3.1 billion as of Sept. 5. Ranked No. 693 on the Forbes world billionaires ranking in March. Business highlights 1980: Fertitta partners to open the first Landry's Seafood restaurant in Katy.

1986: Buys the company.

1993: Takes company public, expands through acquisitions.

2005: Purchases Golden Nugget Hotel and Casino in downtown Las Vegas. He will acquire and build additional casinos from Atlantic City, N.J., to Lake Charles, La.

2008: Fertitta sells his share in Houston Texans franchise to comply with NFL rule prohibiting team owners from having an interest in gambling-related business.

2010: Takes Landry's private.

2014: Fertitta appointed chairman, University of Houston Board of Regents.

2016: Donates $20 million to renovate UH basketball arena.

July 17, 2017: Expresses interest in buying the Houston Rockets on the day owner Les Alexander announces plans to sell.

Sept. 5, 2017: Fertitta announces purchase of Rockets for an NBA record $2.2 billion.

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"I am excited to welcome and pass the torch to Tilman," Alexander said. "He is a Houstonian, business leader and committed to the success and excellence of the Rockets both on and off the basketball court.

"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."

UH president Renu Khator, who has worked with Fertitta on many projects, said he brings the right vision to the Rockets.

"Tilman is one of the finest and smartest CEOs that I know," she said. "He has been a perfect chair for us and brought so much energy and so much hope here.

"He looks at issues from 50,000 feet and can ask questions that go 10,000 feet. I have watched him, and we think here at the University of Houston that we have been very blessed with his leadership. I think he's going to bring the same energy, enthusiasm and smartness to anything he touches, including the Rockets."

Please check back soon for further information on this developing story.</s>Rachel Nichols highlights the immense popularity of the NBA, as evidenced by the Houston Rockets' $2.2 billion sale price. (1:39)

The Houston Rockets have been sold to local billionaire Tilman Fertitta, who called the purchase of his hometown team a "dream come true."

Terms of the sale, which was announced Tuesday, were not disclosed. A league source told ESPN's Adrian Wojnarowski, however, that Fertitta agreed to purchase the team from Leslie Alexander for $2.2 billion, a record sale price for an NBA franchise.

The sale is pending approval by the NBA's Board of Governors. Fertitta is a native of Galveston, Texas, and has had courtside seats at Rockets games for the past several years.

"I am truly honored to have been chosen as the next owner of the Houston Rockets," Fertitta said in a statement released by the team. "This is a life-long dream come true."

The Rockets acknowledged the timing of the sale as Houston recovers from historic damage caused by Hurricane Harvey, saying "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."

Alexander and Fertitta agreed in principle to the sale of the team Monday, league sources told Wojnarowski.

The Rockets were valued at $1.65 billion -- eighth-most valuable in the NBA -- by Forbes magazine earlier this year but received multiple offers that started at $2 billion, league sources told Wojnarowski.

Fertitta owns Landry's, Inc., one of the nation's biggest restaurant corporations, and Golden Nugget Casinos and Hotels. The Rockets said in a statement that Fertitta has no other partners in connection with the transaction, which also includes operation of the Toyota Center in Houston.

Tilman Fertitta is the owner of restaurant corporation Landry's, Inc., and Golden Nugget Casinos and Hotels. The Galveston native and Houston resident called the purchase of his hometown team a "dream come true." Michael Boardman/Getty Images

If the sale of the franchise is approved, the Golden Nugget in Las Vegas will not be able to offer betting on Rockets games.

Feritta told KRIV-Fox 26 earlier this year that he was interested in buying the Rockets after Alexander announced that the franchise was for sale. Fertitta also told KRIV-Fox 26 that he planned to keep the Rockets in Houston.

An original investor in the NFL's Houston Texans, Fertitta offered $81 million to buy the Rockets in 1993, but the team was sold to Alexander for $85 million.

"I am excited to welcome and pass the torch to Tilman," Alexander said in a statement. "He is a Houstonian, business leader and committed to the success and excellence of the Rockets both on and off the basketball court. 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."

The Rockets won the NBA title in the first two seasons after Alexander bought the team. In 24 seasons under Alexander's ownership, the Rockets have won 56.9 percent of their games, fifth-best in the league.

"Leslie Alexander has been one of the best owners in all of sports, and I thank him immensely for this opportunity," Fertitta said. "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."

ESPN's Darren Rovell contributed to this report.</s>HOUSTON — Texas billionaire Tilman Fertitta has reportedly bought the NBA’s Houston Rockets for a record sum of $2.2 billion, according to an ESPN report.

ESPN’s Adrian Wojnarwoski reported the sale — and its massive price tag — Monday morning.

The sale is pending approval by the NBA’s Board of Governors, ESPN reported. Fertitta is a native of Galveston, Texas.

“I am truly honored to have been chosen as the next owner of the Houston Rockets,” Fertitta said in a statement released by the team. “This is a life-long dream come true.”

The Rockets were valued at $1.65 billion — eighth-most in the NBA — by Forbes Magazine earlier this year, but received multiple offers that started at $2 billion, league sources told Wojnarowski.

Fertitta owns Landry’s Inc., one of the nation’s biggest restaurant corporations, and Golden Nuggets Casinos and Hotels. The Rockets said in a statement that Fertitta has no other partners in connection with the transaction, which also includes operation of the Toyota Center in Houston.

If the sale of the franchise is approved, the Golden Nugget in Las Vegas will not be able to offer betting on Rockets games.

An original investor in the NFL’s Houston Texans, Fertitta offered $81 million to buy the Rockets in 1993, but the team was sold to Leslie Alexander for $85 million.

“I am excited to welcome and pass the torch to Tilman,” Alexander said in a statement. “He is a Houstonian, business leader and committed to the success and excellence of the Rockets both on and off the basketball court. 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.”</s>Luke covers lifestyle for Verdict. You can reach him at luke.christou@verdict.co.uk

Owning a high profile sports team is one of the world’s biggest status symbols.

In an industry worth hundreds of billions, you have to be in the top one percent to afford a stake in a club, let alone an entire team.

Billionaire businessman, reality television star and now sports mogul. Tilman Fertitta has joined the list of major sports team owners and secured his place among America’s most successful.

The Houston-born hospitality magnate (and star of CNBC show Billion Dollar Buyer) has successfully completed the takeover of National Basketball Association team Houston Rockets.

Fertitta splashed out $2.2 billion to become the sole Houston Rockets owner. While unconfirmed by the club, that’s according to a report on the official NBA website.

Former owner Leslie Alexander confirmed that the club was on the market back in July. A number of Houston’s biggest names have since expressed an interest in completing a takeover.

Former Rockets star Hakeen Olajuwon showed interest. Likewise, “Queen Bee” Beyoncé was reportedly considering a purchase.

However, Fertitta seemingly wanted it more, or simply had more to spend.

The multi-billion dollar deal broke the NBA record. No buyer has ever paid more for a basketball team.

The previous record stood at $2b. That was set by former Microsoft CEO Steve Ballmer when he took over the Los Angeles Clippers in 2014.

Fertitta’s purchase means that NBA’s current 30 owners have spent close to $10b purchasing majority stakes in their respective clubs. Here’s how much each owner spent:

NBA’s big spenders: How much did each owner pay for their team?</s>Law360, New York (September 5, 2017, 3:51 PM EDT) -- Billionaire restaurateur and Houston native Tilman Fertitta will pay $2.2 billion to acquire the Houston Rockets, the team announced Tuesday, in a deal carrying the highest price tag ever for an NBA franchise.



DLA Piper LLP represented Fertitta in his purchase of the Rockets from current owner Leslie Alexander, who in July announced his intent to sell the team after 24 years at its helm. Under the terms of the deal, Fertitta will become the sole owner of the franchise and will receive the operating rights...

To view the full article, register now.</s>Houston Rockets owner Leslie Alexander shocked the NBA recently when he announced that the team he has owned since 1993 was up for sale.

Earlier this year the Rockets were valued at $1.65 billion by Forbes Magazine, which was the eighth highest of the 30 NBA teams, but it was reported in recent weeks that Alexander had multiple $2 billion offers.

Tuesday morning he accepted one of those offers, selling the team to Galveston, Texas native and Houston resident Tilman Fertitta for $2.2 billion, which is the most an NBA franchise has ever been sold for.

The Rockets released a statement on the sale, and Fertitta commented on what it means to him to buy the team he grew up rooting for:

“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.”

Fertitta is the owner of one of the largest restaurant corporations in the country, Landry’s, Inc., in addition to owning the Golden Nugget Casinos and Hotels.

Included in the deal is the Rockets arena, the Toyota Center in Houston and Fertitta did not have any other partners in the deal so he is the sole owner of the team.

Alexander bought the team for $85 million, so the value of the franchise increased by more than 25 times the amount he paid for it in 24 years.</s>Houston Rockets Set To Get A New Owner: Local Billionaire Tilman Fertitta

The Houston Rockets announced Tuesday the franchise has been sold to a local and longtime fan, Tilman Fertitta. The billionaire businessman, sole owner of the Landry's restaurant empire and Golden Nugget Casinos and Hotels, now becomes sole owner of the Rockets as well — pending approval from the NBA's Board of Governors.

"I am truly honored to have been chosen as the next owner of the Houston Rockets," Fertitta said in a statement released Tuesday by the team. "This is a life-long dream come true."

The terms of the sale have not been released officially by the team, but ESPN and USA Today, citing unnamed sources, both report the sale broke an NBA record at $2.2 billion. The agreement tops the 2014 purchase price of the LA Clippers — formerly the league's most expensive — by roughly $200 million and significantly exceeds the team's reported value, which according to Forbes rests at $1.65 billion.

CNBC columnist Eric Jackson notes that, all told, Fertitta is "spending 71% of his net worth on the Rockets."

Still, this purchase is also something of an act of devotion for the native of Galveston, Texas. Landry's is headquartered in Houston, and as ESPN observes, Fertitta has had courtside seats to the Rockets for years. Indeed, he tried and failed to purchase the team the last time they were up for sale, losing out to Leslie Alexander, who bought the Rockets for $85 million in 1993.

Alexander says the two of them have stayed in touch since then.

"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," Alexander said in the team's statement. "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."

In its release, the team acknowledged the poor timing of the announcement, coming as it does "amidst the aftermath of one of the biggest tragedies in the history of our great City." But, the Houston Rockets were careful to note, negotiations for the team's sale began in July, weeks before the storm's landfall.</s>HOUSTON: The Houston Rockets have been bought by US restaurant tycoon Tilman Fertitta in a record-breaking $2.2 billion (1.85 billion euro) deal, the highest amount ever paid for an NBA franchise, a statement said Tuesday (Wednesday in Manila).

Fertitta, a Houston-based billionaire, was one of several potential buyers circling the Rockets, who had been put up for sale by owner Leslie Alexander.

“I am truly honored to have been chosen as the next owner of the Houston Rockets,” Fertitta said in a release from the team.

“This is a life-long dream come true. 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.”

Alexander, 73, bought the franchise for just $85 million in 1993.

Forbes had valued the franchise in February at $1.65 billion, making it the eighth most-valuable in the league, with revenues of $244 million.

“It’s been my great joy and honor to own the Houston Rockets for the past 24 years,” Alexander said in a statement.

“I’ve had the incredible opportunity to witness true greatness through the players and coaches who have won championships for the city, been named to All-Star and All-NBA teams, enshrined in the Basketball Hall of Fame, and done so much for our franchise and our fans.”

Fertitta, the head of Landry’s Inc, a company which includes restaurants, casinos and hotels in its portfolio, has dabbled in sports ownership before.

He was forced to sell a stake in the Houston Texans NFL team when he completed a purchase of the Golden Nugget casinos in Las Vegas.

Alexander, whose reign included NBA title triumphs in 1994 and 1995, said he planned to remain active in Houston.

“The Houston community has been home to me,” Alexander said. “I will continue to support the charities I have made commitments to throughout the years. I’ll always have a special place in my heart for the fans, partners, city officials and employees who care so deeply for this team.

“I’ve made this decision after much deliberation with my family and friends, and do so knowing the franchise is in great shape with the players, coaches and management team in place,” added Alexander, who last week donated $4 million towards the Hurricane Harvey relief effort.</s>Houston billionaire Tilman Fertitta will reportedly by the Houston Rockets for an NBA record $2.2 billion. (AP)

Rockets owner Leslie Alexander has reached an agreement to sell the team to Houston billionaire Tilman Fertitta for an NBA-record $2.2 billion, according to multiple reports on Tuesday morning.

Then came reports of how much Fertitta — dubbed “the world’s richest restaurateur” by Forbes magazine, which listed him among the 250 wealthiest people in America at a net worth of $3.1 billion — will reportedly pay for the franchise:

The reported $2.2 billion price tag would exceed the previous NBA record of $2 billion, which former Microsoft CEO Steve Ballmer paid for the Los Angeles Clippers in 2014. Fertitta will presumably be the lead investor of the ownership group purchasing the Rockets from Alexander, who surprisingly put the team up for sale in mid-July. Alexander purchased the NBA franchise for $85 million in July 1993.

“He’s just been tired,” Rockets CEO Tad Brown said of Alexander’s decision. “I’m sure many of you [reporters] who know him well can probably sense that. It’s a grind. It’s a grind. And even now, things are ratcheted up even that much more with the expectations and the ability to really go deep and compete. It’s been tough. So, I think he just had a real good conversation with his family, and some of his close, close friends, and he just decided it was time for him to make another change in his life.”

Still entrenched in the community of the nation’s fourth-largest city, Alexander recently pledged $10 million to Houston Mayor Sylvester Turner’s Hurricane Harvey Relief Fund. The sale to Fertitta, a native of Galveston, Texas, will ensure the organization stays in the hands of an owner invested in Houston.

The Rockets won 55 games last season and reached the Western Conference semifinals behind James Harden’s MVP-caliber campaign. The team traded for All-Star point guard Chris Paul in June and gave Harden the richest contract extension in history, cementing Houston as a championship contender.</s>Houston Rockets owner Leslie Alexander has agreed to sell the team to Houston billionaire Tilman Fertitta for $2.2 billion, a record-NBA franchise sales price, a league told ESPN's Adrian Wojnarowski.

The sale of the Rockets was first reported Tuesday by Fox 26 Sports in Houston.

The Rockets sale would eclipse the record of Steve Ballmer's $2 billion purchase of the LA Clippers in 2014.
Billionaire investor Tilman Fertitta buys the Houston Rockets NBA basketball team for US$2.2 billion.