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ESPN.com news services Sep 5, 2017 businessman agrees to buy Rockets for record $2.2 billion

The have been sold to Alexander and Fertitta agreed in principle to the 1993, but the team was sold to Alexander for local billionaire Tilman Fertitta, who called the sale of the team Monday, league sources told $85 million. purchase of his hometown team a “dream Wojnarowski. come true.” The Rockets were valued at $1.65 billion -- “I am excited to welcome and pass the torch to eighth-most valuable in the NBA -- by Forbes Tilman,” Alexander said in a statement. “He is a Terms of the sale, which was announced magazine earlier this year but received multiple Houstonian, business leader and committed to Tuesday, were not disclosed. A league source offers that started at $2 billion, league sources the success and excellence of the Rockets both told ESPN’s Adrian Wojnarowski, however, that told Wojnarowski. on and off the court. I have personally Fertitta agreed to purchase the team from Leslie known Tilman for over 24 years and don’t think Alexander for $2.2 billion, a record sale price for Fertitta owns Landry’s, Inc., one of the nation’s I could have found anyone more capable of an NBA franchise. biggest restaurant corporations, and Golden continuing the winning tradition of our Houston Nugget Casinos and Hotels. The Rockets said Rockets.” The sale is pending approval by the NBA’s Board in a statement that Fertitta has no other partners of Governors. Fertitta is a native of Galveston, in connection with the transaction, which also The Rockets won the NBA title in the first two , and has had courtside seats at Rockets includes operation of the Toyota in seasons after Alexander bought the team. In games for the past several years. Houston. 24 seasons under Alexander’s ownership, the Rockets have won 56.9 percent of their games, “I am truly honored to have been chosen as the If the sale of the franchise is approved, the fifth-best in the league. next owner of the Houston Rockets,” Fertitta said Golden Nugget in Las Vegas will not be able to in a statement released by the team. “This is a offer betting on Rockets games. “Leslie Alexander has been one of the best life-long dream come true.” owners in all of sports, and I thank him Feritta told KRIV-Fox 26 earlier this year that immensely for this opportunity,” Fertitta said. The Rockets acknowledged the timing of the he was interested in buying the Rockets after “He has the heart of a champion. Lastly, out of sale as Houston recovers from historic damage Alexander announced that the franchise was respect for the NBA’s approval process, I can caused by , saying “it is truly for sale. Fertitta also told KRIV-Fox 26 that he say no more other than I am overwhelmed with unfortunate that this announcement is occurring planned to keep the Rockets in Houston. emotion to have this opportunity in my beloved amidst the aftermath of one of the biggest city of Houston.” tragedies in the history of our great City.” An original investor in the NFL’s , Fertitta offered $81 million to buy the Rockets in