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Old 09-06-2017, 10:07 AM
 
Location: spring tx
7,912 posts, read 8,198,412 times
Reputation: 1982

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Quote:
Originally Posted by JonasW View Post
2.2 billion, he's nuts. There's is no up side on that, especially if TV contracts tank like most sports will next negotiation. That much of his net worth is crazy as well. He definitely needs a new financial advisor.
im not sure you know who tilman fertita is.
this isnt an out of pocket purchase, this was clearly through the landry's company which owns 500+ restaurants around the country/world, not to mention multiple casinos etc.

tilman doesnt make deals that he doesnt see upside to. the rockets are a hobby for him at that number.
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Old 09-07-2017, 06:33 PM
 
51,940 posts, read 41,806,773 times
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Quote:
Originally Posted by rigas View Post
im not sure you know who tilman fertita is.
this isnt an out of pocket purchase, this was clearly through the landry's company which owns 500+ restaurants around the country/world, not to mention multiple casinos etc.

tilman doesnt make deals that he doesnt see upside to. the rockets are a hobby for him at that number.
So, are the landrys companies a public corporation? If so, their investors have to be miffed at that deal because they way overpayed imo.
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Old 09-07-2017, 06:48 PM
 
Location: spring tx
7,912 posts, read 8,198,412 times
Reputation: 1982
Quote:
Originally Posted by Mathguy View Post
So, are the landrys companies a public corporation? If so, their investors have to be miffed at that deal because they way overpayed imo.
Landry's was once publicly traded, but is now privately owned.

Sounds like a big number, but fertitta just doesn't tend to make bad deals (always a first maybe)
Guaranteed the Toyota center will be packed with landrys restaurants, and the red and white wine bistro will be a landrys brand as well.

Les Alexander didn't do any of that, he let Levy restaurants do the food/catering.
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Old 09-08-2017, 08:08 AM
 
Location: Island of Misfit Toys
5,066 posts, read 2,185,934 times
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It's the price. I mean this team was probably worth 750 max, at 2.2 he's on the wrong side of the money. The idiot in LA really screwed future owners, and made the old owners very very happy. But hey, his money and he has wanted this team for a while.
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Old 09-08-2017, 02:35 PM
 
Location: spring tx
7,912 posts, read 8,198,412 times
Reputation: 1982
Quote:
Originally Posted by JonasW View Post
It's the price. I mean this team was probably worth 750 max, at 2.2 he's on the wrong side of the money. The idiot in LA really screwed future owners, and made the old owners very very happy. But hey, his money and he has wanted this team for a while.
well forbes values the team at 1.65 billion last year.
several articles ive read including another by forbes say its a solid investment.

it may or may not be, but tilman just doesnt make bad investments that ive seen.

and with the ability to convert the facility to a giant building full of landry's brand foods, hes making a fair amount on both ends of the deal.

ticket prices MAY go up but i expect he may actually lower them some as a promotion so to speak.
lower prices, the fact houston is excited for CP3, hes going to sell a LOT of tickets. it might just be the perfect time to buy in even at that price.
the last time the rockets sold, they won back to back titles the very next season. will history repeat itself? doubt it, but you can bet there will be those who will try to sell that narrative.
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Old 09-08-2017, 03:57 PM
 
Location: Island of Misfit Toys
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Time will tell for sure but he has to kick himself for not getting this team by a couple million years ago, when it was 85mil. Oy!
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Old 09-08-2017, 06:19 PM
 
Location: spring tx
7,912 posts, read 8,198,412 times
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Quote:
Originally Posted by JonasW View Post
Time will tell for sure but he has to kick himself for not getting this team by a couple million years ago, when it was 85mil. Oy!
agreed, although i dont know the circumstances how that sale went.

his wiki page says he opened the 1st landry's in 1980, and in 1993 it was worth about 30 million. my assumption is he was tapped out and couldnt bid higher for the rockets.
he turned that 30 million dollar company into well over 3 billion in 2013, and i believe its worth somewhere around 6-7 billion now. not a bad bit of growth if you ask me.
he employs more than 50,000 people and has more than 500 locations. all started from a single restaurant. (that restaurant is still there, and is about 5 miles from my house)

he is building a high rise luxury hotel in the expensive area of town known as the galleria area, he is building 100% out of pocket. he was talking on a local talk radio show (the michael berry show) about how it was all cash, and if the economy dropped he would just stop construction and sit on it until he saw a turn.

he has owned part of the texans and invested in the astros stadium "minute maid park"

this really feels like a hobby, and a bit of a dream for him. i dont think he really cares if he loses a bit of money (as it would be a write off anyway) but i can see the value of nba teams rising if their tv deals continue to grow. in the long run its a coin flip for him and ill say i was very surprised it was him that bought them.

hes got a hell of a house though, in one of the most expensive parts of town, river oaks.
Tilman J. Fertitta's house in Houston, TX (Google Maps) - Virtual Globetrotting
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Old 09-09-2017, 08:25 AM
 
Location: Island of Misfit Toys
5,066 posts, read 2,185,934 times
Reputation: 4514
It's definitely a hobby. I see this like Jerry Buss in LA, a passion about the NBA and wanting to be around it. Which is fine.

That house. lol Why would anyone possibly need/want/desire such a ginormous place. You can't live in more than 2 rooms anyway. The cleaning bill alone would buy a normal house. =p
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Old 09-09-2017, 10:33 AM
 
Location: spring tx
7,912 posts, read 8,198,412 times
Reputation: 1982
Quote:
Originally Posted by JonasW View Post
It's definitely a hobby. I see this like Jerry Buss in LA, a passion about the NBA and wanting to be around it. Which is fine.

That house. lol Why would anyone possibly need/want/desire such a ginormous place. You can't live in more than 2 rooms anyway. The cleaning bill alone would buy a normal house. =p
that house is unbelievable.
river oaks is where the "old money" is in houston.
george HW bush live there, in a house maybe 1/4 that size, if that big

the whole neighborhood is monster houses, and his dwarfs them all.
the electric HAS to be monstrous.

but while hes a tough business man, hes apparently a very cool guy, super nice, does a lot of charity stuff, but he LOVES sports. he donated like 20 million to the university of houston to build a new stadium, attends all sorts of games and is fairly accessible from what i gather.
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Old 09-15-2017, 08:40 PM
 
51,940 posts, read 41,806,773 times
Reputation: 32403
Quote:
Originally Posted by rigas View Post
Landry's was once publicly traded, but is now privately owned.

Sounds like a big number, but fertitta just doesn't tend to make bad deals (always a first maybe)
Guaranteed the Toyota center will be packed with landrys restaurants, and the red and white wine bistro will be a landrys brand as well.

Les Alexander didn't do any of that, he let Levy restaurants do the food/catering.
Thanks. Sorry for late response but "free advertising" does have a synergy.

My personal motto is if a guy has a billion or $100 it's his business how he spends it.

At some point he's also got to have some fun and sense of community.

Also adding that I've not seen the detailed financial assumptions of the latest deal so my comments shouldn't be counted for much (as usual lmao).
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