Multiple news reports confirmed Tuesday that billionaire businessman Tilman Fertitta has agreed to take the ownership of the National Basketball Association's Houston Rockets with a reported $2.2 billion sale, which marks the most massive price tag in league's history. A new owner buying the franchise must receive approval from the NBA's Board of Governors to complete the sale.

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

Fertitta is a Houston product who owns Landry's, Inc., one of the largest restaurant and hospitality companies in the country, Golden Nugget Casinos, and Hotels.

Business magazine Forbes estimated his net worth of $2.4 billion and regarded him as one of the richest restauranteurs in the world. He was also named as one of the wealthiest Americans on the Forbes list.

New sole owner

Leslie Alexander, a longtime Rockets owner who is perhaps considered one of the best sports owners of all times, is thrilled about granting and bringing Fertitta to the team as a new owner.

"I am excited to welcome and pass the torch to Tilman," Alexander said. "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 Tillman for 24 years and don't think I could have found anyone more capable of continuing the winning tradition of our Houston Rockets."

The Rockets acknowledged and said in a statement that the timing of sale occurring during the Hurricane Harvey event, which caused floods that overwhelmed hundreds of thousand of people as well as homes, was " truly unfortunate." Alexander pledged to make a $10 million donation to the Hurricane Harvey Relief Fund to assist Houston residents affected by the tropical storm.

Earlier this year, Feritta had expressed an interest in purchasing the Rockets. An entrepreneur, who originally invested in the Houston Texans of the National Football League, offered a deal to acquire the Rockets for $81 million in 1993, but the franchise was sold to Alexander for $85 million.

Multiple news media outlets reported last month that pop superstar Beyonce Knowles, also a Houstonian, was reportedly interested in buying a stake in the Rockets.

The team said Fertitta, who is the host of CNBC reality show "Billion Dollar Buyer," does not have other partners who seek an investment in its franchise. Essentially, he will operate the Rockets as a sole owner.

Well-balanced and successful franchise

As the Rockets turn into a well-balanced and successful franchise, the team is worth $1.65 billion, placing the Rockets the eighth most valuable team in the NBA.

The total of team's annual revenue is $244 million. This summer, the team acquired Chris Paul, the nine-time All-Star point guard, who will play alongside team star James Harden this upcoming season.

Because of the television deal, the business has shown a positive growth for the Rockets. According to New York Times, the television deal played a significant role in amplifying the value of each NBA team. Previously, the league has inked a television rights deal with ESPN and Turner Sports worth $24 billion over nine years. The league's annual revenue has increased by nearly triple from the previous deal.

Throughout Alexander's 24-year ownership career, the Rockets, which finished the regular season with 55-27 record and third in the Western Conference this past season, managed to win games by 56.9 percent, which spotted the team at No. 5 the highest win percentage in the NBA. Additionally, the team had two NBA Finals championships in the first two seasons in 1993-94 and 1994-95.
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