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Texas Billionaire Buys Houston Rockets in Record Deal

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Agreement tops purchase price of LA Clippers in 2014

The Houston Rockets have been sold to Texas billionaire Tilman Fertitta for a record $2.2 billion, the National Basketball Association (NBA) said Tuesday.

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

The previous record belonged to the Los Angeles Clippers, which was bought by billionaire Steve Ballmer in 2014 for $2 billion.

Rockets owner Les Alexander announced his intent to sell the franchise in July. Alexander bought the Rockets in 1993 for $85 million.

The franchise was estimated to be worth $1.65 billion by business magazine Forbes in February, coming in eighth among NBA teams.

The Rockets were eliminated from the NBA playoffs during the Western conference semifinals in May.

The team acquired nine-time All-Star Chris Paul in June from Clippers, adding to a squad that consists of this year's MVP runner-up James Harden and Rockets guard Eric Gordon, who was named the 2016-17 NBA Sixth Man of the Year.

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