Fertitta Confirms He Has No Interest In Selling Shares Of Rockets

Reports over the last couple months have suggested that Rockets owner Tilman Fertitta has been one of the NBA team owners hit hardest by the coronavirus pandemic. Many of Fertitta’s hundreds of businesses are restaurants, casinos, and entertainment destinations that have been closed since stay-at-home orders began.

However, speaking to Sam Amick of The Athletic, Fertitta insisted that any concerns about his financial situation have been overstated.

“I have cash flow to last me a long, long time with no restaurants opening. But yet, by this weekend, I’m going to have over 200 (restaurants) open and almost all my hotels open,” Fertitta said, referring to Texas’ stay-at-home mandate being lifted. “Different people are in different situations, and what people don’t understand is I have more buckets than most.”

A report last month indicated that Fertitta has no interest in gaining additional liquidity by selling any portion of the Rockets and taking on minority stakeholders. The Rockets’ owner confirmed as much in his conversation with Amick, stressing that he’s also not entertaining the idea of selling the franchise outright.

“The Rockets would never be sold, unless the whole world came to an end and then it wouldn’t matter, OK?” Fertitta said. “If I ever sell the Rockets, it’s because we don’t exist anymore as a country with the rule of law. We’re having anarchy in the street, and at that point there’s no buyers.

“… I don’t need partners so I don’t have partners,” he added. “There’s just no interest in having partners. I think all owners would love not to have partners, but not all teams financially can do that. I have the opportunity that me and my family can own this team 100%, and there’s no reason to ever change that.”

Davide Scigliuzzo of Bloomberg reported last month that Fertitta’s companies had furloughed more than half of their employees. However, while his other businesses and their workers were impacted significantly by the coronavirus pandemic, Fertitta tells Amick that the Rockets haven’t had to lay off a single employee or force anyone to take a pay cut, even after Daryl Morey‘s tweet supporting Hong Kong protestors in the fall cost the franchise significant sponsorship money in China.

“The Rockets have no problem,” Fertitta said. “The Rockets are sitting on a huge revolver and a bunch of cash right now. And the Rockets are able to build up cash because nobody has to take it out to live on.”