Houston restaurateur Tilman Fertitta has reached an agreement to buy the Rockets from Leslie Alexander, the team announced Tuesday. He will pay a record $2.2 billion for the franchise, according to multiple reports.
Fertitta is a Galveston, Texas, native who made his fortune in the restaurant business, beginning with a stake in the original Landry's Seafood in 1980. Fertitta's company Landry's Inc. now owns dozens of restaurant concepts, including Morton's, McCormick & Schmick's and the Bubba Gump Shrimp Co. He also owns the Golden Nugget Casinos in Las Vegas, Atlantic City and other locations.
Fertitta also hosts the CNBC reality show "Billion Dollar Buyer," which has been renewed for a second season.
The 60-year-old previously was part of the Houston Texans ownership group but had to divest his share when he bought Golden Nugget. Forbes estimates his net worth at $3.1 billion and the value of the Rockets at $1.65 billion.
Alexander bought the Rockets in 1993 for $85 million, and the team won two NBA championships during his tenure. He announced in July that he intended to sell the team.
The sale must be approved by the NBA's Board of Governors.
