Who Is Tilman Fertitta? Business Background, Bio Of Houston Rockets New Owner

Billionaire financier Les Alexander sold the Houston Rockets on Tuesday for an NBA record $2.2 billion. Anderson, a New Jersey native who began his professional career as a lawyer and later made his wealth on Wall Street, had owned the Rockets since 1993 and immediately won back-to-back titles.

But now the team will be in the hands of a local businessman who is not afraid to make big deals or be in the media spotlight.

Tilman Joseph Fertitta, who has an estimated net worth of $3.1 billion, was born in Galveston, Texas, and attended Texas Tech and the University of Houston. He went on help found Houston-based Landry's, a privately owned hospitality company that owns and operates restaurants, casinos and hotels in 35 states and Washington, D.C.

Fertitta, 60, the son of seafood restaurant owner, began opening restaurants in 1980, and by 2010, Landry's was worth roughly $30 million. The company's worth would skyrocket after he took the company private in October 2010. To go along with Golden Nugget Hotel and Casinos, Landry's would purchase chains like Bubba Gump Shrimp Company and Claim Jumper, and then came the upscale chains.

In November 2011, Landry's bought over 80 locations of McCormick & Schmick's Seafood Restaurants for over $132 million. In December 2011, Landry's bought Morton's Restaurant group, a 77-unit steakhouse chain, for $117 million. In June 2013, Landry's acquired Mastro's restaurants, which had 11 steak and seafood restaurants. Other restaurants under Landry's include Atlantic Grill, Dos Caminos, and Vic & Anthony's Steakhouse, among many others.

Fertitta has been highly visible since March 2016, when his one-hour reality show "Billion Dollar Buyer" premiered on CNBC. The show, which involves Fertitta crisscrossing the country to sample hospitality products, began with him stating, "My name is Tilman Fertitta and I turned a single Texas seafood house into a $3 billion empire."

The show has had been on the air for a total of 18 episodes over two seasons.

Fertitta has often spoken of his surprising rise to fame and fortune. "We're all born with different talents. I'm really not that smart, but I can see things - financially and development-wise. It's just the way we're made."

The announcement of Fertitta buying the Rockets comes on the heels of Hurricane Harvey, which has resulted in 50 deaths in the Gulf Coast region and potentially up to $180 billion in recovery funds.

"It is truly unfortunate that this announcement is occurring amidst the aftermath of one of the biggest tragedies in the history" of Houston, according to a press release. Fertitta has donated $1 million for recovery efforts through the Landry’s Hurricane Relief Fund.

He is very much into personal fitness, running up to three times a week along with weightlifting and cardiovascular activities. Fertitta has been seen courtside at many Rockets games. He described buying the Rockets as "a life-long dream come true."

"I am excited to welcome and pass the torch to Tilman," said Alexander, who will be turning his focus to philanthropy. "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."