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sep
6

Houston Rockets sold to casino mogul Tilman Fertitta for record $2.2 billion

Tags: basketball, Houston Rockets, NBA, Tilman Fertitta.
Posted on Wednesday, September 06, 2017 by "T".

The Houston Rockets was sold for a massive US$2.2 billion, the highest price ever paid for a team in the NBA. The team and the buyer, Tilman Fertitta, has announced the sale yesterday (September 5 Tuesday), however did not yet reveal the exact price at that time.

The previous record for an NBA team was back in 2014, when Steve Ballmer bought the Los Angeles Clippers for US$2 billion.

Tilman Fertitta shall be the team's sole owner, and he calls this achievement a "lifelong dream come true." Fertitta is a Galveston native and a life-long resident of Houston. He owns Landry's restaurant chain, which includes over 500 restaurants, as well as the Golden Nugget casinos and hotels. Other than that, he plays host in a reality show Billion Dollar Buyer, in which he travels all over the country visiting small businesses with potential and contemplates on whether to buy them or not.

The man who will be walking away with the massive US$2.2 billion cheque is Leslie Alexander, who acquired the team in 1993 for $85 million. It was actually a close battle during 1993 between Alexander and Fertitta, and in the end Fertitta lost his chance to acquire his favorite NBA team when he offered $81 million, whereas Alexander bought the team for $85 million.

Under Alexander, the Houston Rockets have won two NBA championships

The extremely high price was formulated because the Houston Rockets are a successful and stable franchise, and led by basketball superstar James Harden, they won 55 games last season. It is also based in the nation's fourth-biggest city.

However, the value of each NBA team continues to rise all thanks to the influence of television dinero. The league has a 9-year, $24-billion deal with Turner Sports and ESPN. The deal almost tripled the annual revenue from the previous deal.

Fertitta said, "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."

Alexander said, "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. 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."

Alexander, now 74, announced that the team is open for sale in July so he can spend more quality time with family and focus on his charitable endeavors.

Called "World's Richest Restaurateur" by Forbes, Fertitta's net worth has been reported to be around $2.8 billion.

Source:http://www.denverpost.com/2017/09/05/houston-rockets-sold-for-2-2-billion/

 


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13 comments for "Houston Rockets sold to casino mogul Tilman Fertitta for record $2.2 billion"

 doubletop7779/6/2017 8:53:38 AM GMT
The amounts of money being talked about are incredible. There is a lot of money in basketball and he must think it is a good investment. One thing for sure, if i had this amount of money, do i really need the hassle of owning a sports team, i think not
 DaCapo719/6/2017 9:46:09 AM GMT
The rich guys want a new thing to play and buy a sport team. And a Casino owner was the right owner dor a sports team to gamble. I unserstand the motivation for that, but it was not good for the sport in my opinion.
 CALICUL9/6/2017 11:24:57 AM GMT
Posted by DaCapo71:
The rich guys want a new thing to play and buy a sport team. And a Casino owner was the right owner dor a sports team to gamble. I unserstand the motivation for that, but it was not good for the sport in my opinion.


You have no way to know it. Someone who pays 2 billion dollars and another two hundred million will focus much on the new business. As the article says in 1993 he lost a bidding with Leslie Alexander but now he buys the team. In this new acquisition has put a lot of money and does not want to lose. A dream come true.
 dule-vu9/6/2017 11:33:12 AM GMT
you cant earn something from this,this is only to show how much money you have and to have something to "play with"!that is status in america!but ofcourse its a lot of money to pay for some basketball club!
 pajalnick9/6/2017 5:58:47 PM GMT
lately, I'm a little shocked by the huge numbers in deals with sports players and teams .... Neimar, Mayweather now this news ...... I certainly understand that over time, prices should rise ... inflation and so on ... .. but such figures are beyond my understanding ... hmm. Confused
 pochui9/6/2017 6:39:40 PM GMT
wow, just wow... to shell out two billions of dollars for a basketball team is quite outrageous, not sure whether this ca be called a good business decision, somehow I don't think that in 20-30 years or so someone will come and offer 20 billions... quite the opposite, maybe price will go back to original 100 millions or so...
 Mober9/6/2017 8:15:42 PM GMT
That is what you call an investment.
From 85 millions in 1993, to a massive 2.2 billions today.
And he must have made a profit, from having the team all these years.
With no doubt it is a great retirement package Smile
 Tony_MON7ANA9/7/2017 8:41:05 AM GMT
US$2.2 billion deal! That's an astronomical amount of money! Tilman allegedly paid 33% premium to buy Houston Rockets.
The Houston area got affected by Hurricane Harvey. Many people have lost their homes to this natural disaster. An undetermined number of people are still missing. It will take years to rebuild the city of Houston.
 Gerimantas9/7/2017 10:26:30 AM GMT
This is such big amount of money that i just cannot think how do people earn so much so they can just go and buy a team for 2 billions of dollars. And why? There is more better investments like real estate, land, forests, natural resources... and now go and buy a team.
 dule-vu9/7/2017 12:59:14 PM GMT
this will be fun for he and his famliy and like I said,this is only status in america,to have any professional team in any sport!but after this,you must invest lot of money in players,so this is not just a game!
 pochui9/8/2017 8:00:44 AM GMT
still cannot believe how much money is fluctuating in such a relatively simple game like basketball, or football for that matter... players being bought for 200 millions, teams for 2 billions... fcuk yeah- strange world we're living in.
 shokaku9/8/2017 10:15:27 AM GMT
The printing presses have spit out enormous amounts of money during the last 10 years, that dont make their way into the real economy, but pop up at ever stranger locations. That is one of those.
 dule-vu9/8/2017 1:24:52 PM GMT
yeah pochui,you are right!when you see that average player cost 60,70 millions,what can we expect in future!I think that price just will be bigger and bigger!when you see what is price for basketball teams,in football can only be bigger!ofcourse for european clubs!

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