Rockets Owner Has No Plans to Sell Team in Light of COVID-19 Outbreak
Despite having furloughed approximately 70 percent of the team’s employees in response to the COVID-19 outbreak, Houston Rockets owner Tilman Fertitta assures he has no plans to sell his stakes in the team.
According to ESPN’s Tim MacMahon, Fertitta won’t even consider selling off a minority stake in the franchise, claiming it is a “matter of pride”. A separate report suggested Fertitta has been in contact with banks about raising as much as $200 million of addition liquidity “as a little bit of insurance” during these unprecedented times.
“We are doing basically no business,” Fertitta said. “I want to hire every employee back. This is very hard on a lot of working families but we have to survive or there is no company.”
Unfortunately, this is the harsh reality of the current state of sports.