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. 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.”

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. “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. 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.
Billionaire investor Tilman Fertitta buys the Houston Rockets NBA basketball team for US$2.2 billion.