Rockets owner Tilman Fertitta on luxury tax: ‘Trophies are better than cash’
The Houston Rockets were one win away from defeating the Golden State Warriors and reaching the NBA Finals last year. With the mindset of putting the team in a better position to win it all this year, team owner Tilman Fertitta is not planning on being thrifty.
.@TilmanJFertitta on the luxury tax: “Trophies are always better than cash.”
— Alykhan Bijani (@Rockets_Insider) October 5, 2018
Though we all know Fertitta is still getting truckloads of money from all the profit and deals the Rockets gain, this is still a sign the team is in good hands. We have heard how some team owners ignore looming luxury taxes in exchange for a shot at a championship, and while Fertitta recently called the luxury tax a “horrible hindrance,” he seems willing to spend to win.
In case you haven’t heard of Fertitta until now, here is CNBC’s rundown of his business ventures:
Tilman J. Fertitta, a Houston native, is an accomplished businessman and recognized as a world leader in the dining, hospitality, entertainment and gaming industries and is often referred to as “the world’s richest restaurateur.” Fertitta the sole owner of Fertitta Entertainment which owns the restaurant giant Landry’s, the Golden Nugget Casinos and Hotels and the NBA’s Houston Rockets.
Last year, the Rockets were sold to Fertitta at a whopping $2.2 billion, the highest ever for an NBA team. The Rockets have become a serious contender with the acquisitions of Chris Paul and Carmelo Anthony. The Rockets also signed young center Clint Capela to a lucrative deal this summer.
Houston currently has over $130 million in guaranteed contracts for 2018-19, which is well over the salary cap and luxury tax line.