Tilman Fertitta's Net Worth After Paying $2.2 Billion For Houston Rockets

The NBA’s Houston Rockets have been sold to local businessman Tilman Fertitta for $2.2 billion, which is the highest asking price in league history, according to reports. This led many to speculate how much Fertitta is worth after the blockbuster deal.

The massive deal went public Tuesday, although parties involved haven’t divulged further details regarding the transaction. A league source informed ESPN's Adrian Wojnarowski that Fertitta confirmed the franchise purchase from former owner Leslie Alexander and agreed in principle on Monday to pay a record $2.2 billion. The deal isn’t finalized yet and must be approved by the NBA’s Board of Governors.

Fertitta is a Houston billionaire and is worth an estimated $3.1 billion according to Celebrity Net Worth. The 60-year-old was born in Galveston, Texas and is well-known for being chairman, CEO and owner of Landry’s, which is a Texas-based restaurant and entertainment franchise. Fertitta’s father introduced him to the food industry at an early age when he worked at the family-owned seafood restaurant after school.

When Fertitta turned 30 years old, he started a construction company that later became successful. In 1986, the Texas native invested in a restaurant called Landry’s and eventually bought controlling stock in the company. About 25 years later, he took the company private in an agreement worth $1.4 billion.

Fertitta’s Landry’s company currently possesses Bubba Gump Shrimp Company, Landry’s Sea Food and Saltgrass Steak House. Besides restaurants, Landry’s owns Houston’s Kernah Boardwalk, Tower of America’s in San Antonio, the Golden Nugget casinos and San Luis Resort in Galveston.

Of the deal, the Texas billionaire said it was his dream to buy the Rockets. Fertitta is an avid fan of the team and has sat courtside at Rockets games for several years.

"I am truly honored to have been chosen as the next owner of the Houston Rockets," Fertitta said in a statement released by the team. "This is a life-long dream come true."

The Houston billionaire expressed interest in the Rockets in July. He said he always wanted to buy the franchise because it is his hometown team.

"I've always had an interest in the Rockets," Fertitta told Fox-affiliate KRIV-TV. "It's one of Houston's four major teams. It would be exciting. This is my home. I've looked at other teams, but it's hard to be involved with another team when Houston is your home."

"If it's an unreasonable number, I'll pull a group together, and if it's a crazy number, I won't participate," he continued.

The local businessman originally invested in the Houston Texans and proposed to buy the Rockets for $81 million in 1993. At the time, the team opted to sell the franchise to Alexander for $85 million.

"I am excited to welcome and pass the torch to Tilman," Alexander said in a statement. "He is a Houstonian, business leader and committed to the success and excellence of the Rockets both on and off the basketball court. I have personally known Tilman for over 24 years and don't think I could have found anyone more capable of continuing the winning tradition of our Houston Rockets."