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[XiaNaphryz]

http://www.espn.com/nba/story/_/id/...chase-houston-rockets-record-price-22-billion

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.

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."

https://deadspin.com/tilman-fertitta-will-buy-the-houston-rockets-for-2-2-b-1800006728

This morning, Tilman Fertitta confirmed that he’d purchased the team, and ESPN’s Adrian Wojnarowski reported that he did so for $2.2 billion. That’s the most anyone has paid for an NBA franchise, $200 million higher than the $2 billion Steve Ballmer paid for the Clippers.

Fertitta is the third cousin of Lorenzo and Frank Fertitta, the brothers who ran the UFC until they sold it for $4 billion last August. The 60-year-old Galveston native has been a player in Houston’s sports scene for decades, as he tried to buy the Rockets in 1993 (he eventually worked for the team) and was an original investor in the Houston Texans. Fertitta made his money in restaurants, hotels, and casinos. The Rockets acknowledged the “unfortunate” timing of announcing the sale while the city is still dealing with the effects of Hurricane Harvey.

 

[Mimosa97]

The guy bought the rockets for 85 millions and sold the team 20 years later for 2.2 billion ... Talk about an amazing investment.

 

[cpp_is_king]

Not really related, but i used to tutor this guy's next door neighbor. He has Easily the most insane house I've ever seen in my life, he's even famous in his own (ultra rich) neighborhood for how ridiculously huge his house is

 

[Polygonal_Sprite]

Is this a brother of the Fertitta's that owned the UFC?

 

[WascallyWabbit]

The guy bought the rockets for 85 millions and sold the team 20 years later for 2.2 billion ... Talk about an amazing investment.

Even better is that the new owner was second place in that initial offering with an 83 mill bid and is now paying 2.2 for it

 

[InertiaXr]

Is this a brother of the Fertitta's that owned the UFC?

cousins or something but yes they are related

 

[XiaNaphryz]

Is this a brother of the Fertitta's that owned the UFC?

cousins or something but yes they are related

.......

It's bolded in the OP.

 

[alr1ght]

Is this a brother of the Fertitta's that owned the UFC?

This guy's dad was a cousin to Lorenzo's dad. Rich ass family.