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Tilman Fertitta, the billionaire entrepreneur and owner of Landry's, is now the owner of an NBA franchise.
Fertitta reached an agreement with Houston Rockets' owner Leslie Alexander to acquire the franchise for $2.2 billion, the Houston Chronicle reported. The transaction represents the largest of its kind in NBA history and exceeds Steve Ballmer's $2 billion purchase of the Los Angeles Clippers in 2014. Alexander will be walking away with a hefty profit on the sale after buying the team in 1993 for just $85 million.
Wall Street reacted to the transaction as shares of Madison Square Garden Co (NYSE:MSG) gained 7 percent by late Tuesday morning.
Madison Square Garden hosts the iconic New York Knicks' basketball games and logic dictates that the high price tag of the Houston Rockets deal makes the Knicks' franchise even more valuable than previously thought.
During Madison Square Garden's most recent quarter, the company said its Sports division reported a 35 percent increase in revenue to $179.6 million. Management cited higher league distributions and playoff-related revenues and, to a lesser extent, higher professional sports teams' sponsorship and signage revenues and media rights fees.
Of particular note, investors shouldn't confuse Madison Square Garden with its sister company, MSG Networks Inc (NYSE:MSGN), whose stock dipped around 1 percent on Tuesday. MSG Networks operates two regional sports and entertainment networks.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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