Despite laying off approximately 70% of the employees at his companies, it won’t change anything with Tilman Fertitta’s sole ownership of the Houston Rockets per ESPN’s Tim McMahon:
Tilman Fertitta’s companies have furloughed about 70% of employees. He’s the sole owner of the Rockets and will not consider minority partners as a matter of pride. https://t.co/H6mocBpF11
— Tim MacMahon (@espn_macmahon) March 25, 2020
Fertitta purchased the Rockets in October of 2017 for a then-record $2.2 billion. Fertitta reportedly sold over $1.4 billion in bonds to finance the purchase from Les Alexander. He’s been the team’s sole owner since that point.
McMahon reports that Fertitta won’t consider minority partners “as a matter of pride”. Under Fertitta’s ownership, Houston has had to be cautious of exceeding the NBA’s luxury tax. Rockets General Manager Daryl Morey has made several trades over the past few seasons to dodge the tax.
Outside of the Rockets, Fertitta owns Landry’s Inc., which is the parent company of several restaurants. Fertitta also owns several hotels, casinos and entertainment venues.