According to ESPN's Adrian Wojnarowski, Fertitta agreed to buy the team from former owner Leslie Alexander for $2.2 billion. In case you are wondering, $2.2 billion is a record amount for an NBA franchise.
"Leslie Alexander has been one of the best owners in all of sports, and I thank him immensely for this opportunity," Fertitta said. "He has the heart of a champion. Lastly, out of respect for the NBA's approval process, I can say no more other than I am overwhelmed with emotion to have this opportunity in my beloved city of Houston."
Approval by the NBA's Board of Governors is the last step needed in making the sale final.
"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."
Interestingly enough, the Golden Nugget will not be able to take bets on the Houston Rockets if/when the sale goes final. It's a sacrifice Fertitta is more than willing to make.