HOUSTON BUSINESSMAN, TILMAN FERTITTA BUYS ROCKETS FOR NBA RECORD $2.2 BILLION

JohnWallStreet

Houston Billionaire, Tilman Fertitta is the new owner of the Houston Rockets. Les Alexander agreed to sell the franchise for $2.2 billion, the most ever paid for an NBA team. Alexander decided to sell the Houston basketball team to focus on his philanthropic efforts. He recently donated $10 billion to Hurricane Harvey relief. Ferttita, the Landry’s Inc. and Golden Nuggets Casinos owner, was an original investor in the Houston Texans franchise.

Howie Long-Short: Feritta attempted to buy the Rockets in 1993. He offered $81 million, Alexander submitted the winning bid of $85 million. It might be a day late for Fertitta, but it is certainly not a dollar short.

Fan Marino: Fertitta, an extremely wealthy man, spent 71% of his net worth on the franchise. When Steve Ballmer bought the Clippers for $2 billion, he spent just 6% of his. Ballmer was the 30th employee at Microsoft (MSFT) and owned 8% of the company when incorporated in 1981. It’s good to have Microsoft money!

Tilman Fertitta to buy Rockets for record $2.2 billion

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