Sports
09:05, 06-Sep-2017
NBA Rockets owner sells franchise to restaurant mogul
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Restaurant mogul, Tilman Fertitta has reached an agreement to purchase the Houston Rockets for 2.2 billion US dollars, an NBA record, with a formal announcement expected this week.
Tilman J. Fertitta agrees to purchase Houston Rockets for 2.2 billion US dollars. AFP Photo
Tilman J. Fertitta agrees to purchase Houston Rockets for 2.2 billion US dollars. AFP Photo
This ends months of speculation that the team's new owners could be from China.
Fertitta is a Houston restaurant mogul and one of many celebrity-status investors who made an offer for the franchise.
“I’ve made this decision after much deliberation with my family and friends, and do so knowing the franchise is in great shape with the players, coaches, and management team in place,” Leslie Alexander said in a statement Monday.
AFP Photo
AFP Photo
The 73-year-old Alexander bought the franchise for $85 million in 1993. Forbes valued the franchise in February at 1.65 billion US dollars – eighth-most valuable in the league – with revenue of 244 million US dollars.
The NBA struck gold when Chinese-born Yao Ming established himself as a superstar for the Rockets. After becoming the first international player ever selected with the first overall pick in the draft without having played college basketball in the US, Yao’s popularity soared, adding to the NBA’s adoration in China.
Because of the Rockets' enormous fan-base and influence in China analyst set the mark for the franchise’s sell at 2 billion US dollars.
AFP Photo
AFP Photo
“It’s been my great joy and honor to own the Houston Rockets for the past 24 years,” Alexander said.
Alexander had immediate success as an owner as the Rockets won NBA titles over the New York Knicks in 1994 and the Orlando Magic in 1995 behind the play of Hakeem Olajuwon.
“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.”
NBA commissioner Adam Silver released a statement regarding Alexander’s desire to sell the franchise.
”Leslie Alexander is a true competitor who always searched for the right move to make his teams better,” Silver said. “Well-respected around the league, he has been an active and influential owner whose vision helped to grow the game globally, especially in China.”
Source(s): Reuters