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. ||||| Beyonce Loses Out on Houston Rockets ... CNBC Star Gets Team Instead 
 
 Beyonce Loses Out on Houston Rockets, CNBC Star Gets Team Instead 
 
 Beyonce's hopes of buying the Houston Rockets just got pushed to the left ... to the left -- instead, the team will be sold to billionaire restaurateur Tilman Fertitta. 
 
 Fertitta will fork over a check to current owner Leslie Alexander for $2.2 BILLION, this according to ESPN. 
 
 Alexander bought the team for $85 mil in 1993 ... so, not a bad investment for that guy! 
 
 Fertitta is COUSINS with Lorenzo and Frank Fertitta, the guys who made billions from the UFC -- but he was NOT an investor in that business. 
 
 Tilman is reportedly worth $3.1 billion, so says Forbes ... and stars in the CNBC reality show "Billion Dollar Buyer" -- where he buys blossoming companies. 
 
 Beyonce was rumored to be in the mix to buy the Rockets as part of an investment group -- but lost out ... despite support from her mother, who even posted a pic of B in a Rockets jersey over the weekend.
– Beyonce will not be adding "basketball team owner" to her impressive resume, at least not yet. The singer was rumored to be part of an investment group looking to buy the Houston Rockets, but the group lost out to billionaire restaurateur Tilman Fertitta, TMZ reports. Fertitta will reportedly buy the team from current owner Leslie Alexander for $2.2 billion (a record price for an NBA team, ESPN reports); Alexander originally bought the team for $85 million in 1993. Fertitta, who stars in the CNBC reality series Billion Dollar Buyer, is reportedly worth $3.1 billion.