Houston businessman Tilman Fertitta has reached an agreement to buy the Rockets from Leslie Alexander, the team announced on Tuesday.
Fertitta, sole owner of the Landry's restaurant empire and Golden Nugget Casinos and Hotels, will reportedly pay a record $2.2billion for the franchise.
Alexander announced the Rockets were being put up for sale in July and the deal with the Galveston native is awaiting approval from the NBA board of governors.
"I am truly honoured to have been chosen as the next owner of the Houston Rockets. This is a life-long dream come true," said Fertitta in a statement.
"Leslie Alexander has been one of the best owners in all of sports, and I thank him immensely for this opportunity. 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."
Alexander bought the Rockets in 1993 for $85million, and the team won two NBA championships during his tenure.
"I am excited to welcome and pass the torch to Tilman. He is a Houstonian, business leader and committed to the success and excellence of the Rockets both on and off the basketball court," said Alexander.
"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."
Fertitta was previously part of the Houston Texans ownership group but had to sell his shares when he bought Golden Nugget. Forbes estimates his net worth at $3.1billion and the value of the Rockets at $1.65billion.
18. Juni 2018
|Neymar misses Brazil World Cup training|
|FIFA opens disciplinary proceedings over alleged Mexico homophobic chants|
|Cisse hoping to be a pioneer for black and African coaches|
|BREAKING NEWS: World Cup over for Croatia´s Kalinic|
|Defiant Jones confident of upturn in England fortunes|
|Pogba a natural leader for France - Matuidi|
|Frampton to face Jackson as Fury continues comeback in Belfast|
|Team effort needed for Japan to stop James, says Nishino|
|Di Francesco extends Roma contract|
|It was a normal challenge - Switzerland equaliser fine by Shaqiri|
|Hamilton hopes to avoid ´boring´ French Grand Prix|
|Coutinho expects more Neymar punishment at World Cup|
|Cisse hails Mane as ´one of the best players in the world´|
|Forsberg falls flat as Granqvist proves Sweden´s hero|
|Sweden 1 South Korea 0: Granqvist´s VAR-assisted penalty settles tight game|
|Nishino concerned Japan players affected by Osaka earthquake|
|Isco pleased with Lopetegui´s Real Madrid appointment|
|Hazard hints at Real Madrid interest|
|Wasps disappointed as Wilson joins Scotland backroom staff|
|Hierro has full confidence in De Gea|
|Russia will stop Salah - Cherchesov|
|Allen signs new four-year Stoke contract|
|England issue update over injured duo Stokes and Woakes|
|Mancini leaves door open for Buffon´s Italy return|
|Alli calls for England to be ruthless in World Cup opener|
|Tahir rested as Proteas call up uncapped duo|
|Uruguay v Saudi Arabia: Centurion Suarez seeks World Cup redemption|
|Portugal v Morocco: Hat-trick hero Ronaldo hunts stricken Atlas Lions|
|Argentina didn´t draw because of Messi´s missed penalty - Maradona|
|Wenger heaps praise on France star Kante|
|If VAR helps referees, I´m not against that – Australia´s Sainsbury|
|Kimmich questions Germany mentality after shock defeat|
|Roberts to leave Warrington Wolves|
|Australia talent Arzani ready to make the jump from A-League|
|Lewandowski: I can be at the top until I´m 35|
|All Blacks winger Savea confirms Toulon switch|
|Free Fall available for France after red card rescinded|
|South Korea can progress from wide-open group, says Park Ji-sung|
|Gordon called up by Wallabies to replace injured Genia|
|Germany can still win World Cup, insists Werner|
|Man United & Real Madrid talk not affecting Milinkovic-Savic|
|Out-of-contract Ruiz focused on Costa Rica|
|Southgate will not bombard England with last-minute instructions|
|Muller: Germany under extreme pressure|
|Rangers score four runs in ninth to pick up walk-off win over Rockies|
|U.S. Open champion Koepka happy to continue being ´overlooked´|
|Pogba: I´m the most criticised player in the world|
|Maradona: Sampaoli´s game plan against Iceland was a disgrace|
|De Gea will bounce back from error – Marchena|
|Slater named for Maroons return|
|Woods, Faldo, Harrington and Koepka – U.S. Open champion joins fine club after successful defence|
|Fleetwood positive despite falling short at U.S. Open|
|Jesus: I had no reason to play for a penalty|
|Hernandez admits to exaggerating fouls against Australia|
|Koepka says winning two U.S. Opens not even in his ´wildest dreams´|
|Hernandez: Griezmann an idol at Atletico|
|Sri Lanka take charge despite Gabriel exploits|
|U.S. Open final-round timeline: How clinical Koepka kept his crown|
|Koepka fights off challengers to successfully defend U.S. Open title|
|´Aching´ Neymar urges referees to intervene|
|BREAKING NEWS: Koepka holds on to defend U.S. Open title|
17. Juni 2018
|Lozano goal causes artificial earthquake in Mexico|
|Djokovic: Mental battle will be Murray´s biggest|
|Hummels criticises Germany tactics in Mexico loss|
|Brazil the latest favourites to stumble, but Tite and Neymar won´t panic|
|Magnificent Fleetwood matches U.S. Open record with closing 63|
|Brazil 1 Switzerland 1: Zuber pegs back below-par Selecao|
|Warrington hold off Wakefield fightback, Tigers held despite Hitchcox heroics|
|Germany follow trend of poor starts for World Cup champions|
|Reed on the charge as U.S. Open race hots up|