Houston Rockets sold for £1.7bn

Local businessman Tilman Fertitta has agreed to buy the NBA’s Houston Rockets with reports that the deal will cost him $2.2bn (£1.7bn).

The franchise was surprisingly offered up for sale in July by Leslie Alexander and a host of celebrities, including Beyonce, were rumoured to be interested.

But it is Fertitta’s offer, an NBA record on completion, that has won the day and will see him add the Rockets to a business portfolio which includes the Landry’s Restaurant chain and the Golden Nugget Casino and Hotels group.

A statement from the Rockets confirmed the sale, but not the purchase price, and the takeover will now go before the NBA’s board of governors.

“I am truly honoured to have been chosen as the next owner of the Houston Rockets. This is a life-long dream come true,” said Fertitta, a native of Galveston and life-long resident of the Houston area.

“Leslie Alexander has been one of the best owners in all of sports, and I thank him immensely for this opportunity. He has the heart of a champion.

“Lastly, out of respect for the NBA’s approval process, I can say no more other than I am overwhelmed with emotion to have this opportunity in my beloved city of Houston.”