Houston Rockets Sell for a Record Breaking $2.2B

Houston Rockets Sell for a Record Breaking $2.2B

The Houston Rockets is now officially off the market. Tillman Fertitta, a Houston native, has not missed out on the opportunity to buy this NBA franchise team a second time round. This purchase from the billion dollar buyer did not need any help from anyone else. Tillman Fertitta was a few millions short of his bid to buy the Houston Rockets back in 1993, however, earlier this week he reportedly agreed to pay Leslie Alexander, the previous owner of the franchise, 2.2 billion dollars for the franchise team. The sale is now pending approval by the NBA’s board of governors

Who is Tillman Fertitta?

Most people are expecting the new owner to behave similar to Mark Cuban at the Dallas Mavericks. Like Mark Cuban, Tillman Fertitta is also a host of his own TV show. He may not be as public with his opinions as his counterpart at the Mavericks usually is but most will expect him to still be considerably vocal. This deal happened so quickly due to the fact that both Leslie Alexander and Tillman Fertitta know each other pretty well. That not withstanding, Tillman Fertitta might have actually paid a little bit more due to his strong desire for wanting to see this deal done as soon as possible.

All the details were not fully disclosed, however, the team released a press release earlier in the week confirming the sale. Most times you’ll find that the NBA prefers one man or woman who can write a cheque and make things like this happen and Tillman is certainly one of those guys.

Some of the businesses this Houston native owns are:

Often times other people and bigger groups tend to complicate making transactions and deals of this magnitude. The significance of having one person paying all the bills is largely why this deal fell through so quickly and with relative ease. The fact that Leslie Alexander owned all he did by himself made this transaction a very clean deal. Even though many believe Tillman Fertitta may have paid slightly more than the market value, to get the deal done in a clean and timely fashion as this, paying that price is what it took.