Restaurant mogul Tilman Fertitta reached agreement to purchase the Houston Rockets from Leslie Alexander for $2.2 billion.
"I am truly honored to have been chosen as the next owner of theHouston Rockets," Fertitta said in a release from the team. "Thisis a life-long dream come true. Leslie Alexander has been one ofthe best owners in all of sports, and I thank him immensely forthis opportunity. He has the heart of a champion."
Fertitta, who grew up in Galveston and lives in Houston, is a local restaurant mogul and one of many celebrity-status suitors who made an offer for the franchise.
The 73-year-old Alexander bought the franchise for $85 million in1993. Forbes valued the franchise in February at $1.65 billion --eighth-most valuable in the league -- with revenue of $244 million.
"It's been my great joy and honor to own the Houston Rockets for the past 24 years," Alexander said in a statement Monday. "I've had the incredible opportunity to witness true greatness through the players and coaches who have won championships for the city, been named to All-Star and All-NBA teams, enshrined in the Basketball Hall of Fame, and done so much for our franchise and our fans."
Fertitta is the CEO of Landry's Inc., a company that owns restaurants, casinos, hotels, aquariums and a high-end car dealership.
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