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Old 05-16-2008   #1
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Default Fertitta sells interest in Texans

Just FYI... thought it was interesting.

http://www.nfl.com/news/story?id=090...o&confirm=true

Quote:
Golden Nugget owner sells interest in Texans

A Houston entrepreneur said he has sold his interest in the Houston Texans to comply with an NFL rule prohibiting team owners from having a gambling-related business.

Tilman Fertitta, owner of Landry's, a hospitality, gaming, restaurant and entertainment company, told Houston television station KRIV on Friday that he sold his undisclosed interest in the team. Fertitta bought the Golden Nugget Casino in Las Vegas three years ago.

Texans owner Bob McNair said he was disappointed.

"He wanted to remain a partner and I wanted him to remain a partner, but it was really out of our hands," McNair said.

On Friday, the Texans' ownership group absorbed Fertitta's interest in the team.

Neither Fertitta nor McNair would disclose the percentage Fertitta owned or the purchase price.
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Old 05-16-2008   #2
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Default Re: Fertitta sells interest in Texans

I was kind of confused at first. You'd think now would be a bad time to sell your ownership interest because I see this as a team and organization on the up, as in only getting better and more valuable. However, sounds like he was forced to sell because of his relationship with the Golden Nugget, obviously a gambling-related business.

My question is, if he's owned the Golden Nugget for three years why is he just now selling his interest in the Texans??? And if he bought his interest after owning the GN... why was he even allowed to buy in???
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Old 05-17-2008   #3
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Default Re: Fertitta sells interest in Texans

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Originally Posted by Ole Miss Texan View Post

My question is, if he's owned the Golden Nugget for three years why is he just now selling his interest in the Texans??? And if he bought his interest after owning the GN... why was he even allowed to buy in???
My thoughts precisely.
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Old 05-17-2008   #4
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Default Re: Fertitta sells interest in Texans

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Originally Posted by Ole Miss Texan View Post
My question is, if he's owned the Golden Nugget for three years why is he just now selling his interest in the Texans??? And if he bought his interest after owning the GN... why was he even allowed to buy in???
I'm virtually certain that Fertitta was one of the original minority owners, meaning that the gambling interest didn't exist at the time of his entry into NFL ownership.

Why it took three years could be for several reasons. I doubt the NFL would require an owner to immediately liquidate, as a coerced sale of that nature would clearly make it difficult/impossible to obtain market value. It may be that there was some sort of time-frame built in, after which, the existing ownership group (which is who the article indicates bought him out) purchases at a defined amount. This is all speculation, but given the Texans FMV is probably north of $1 billion, it's not necessarily easy to sell even a minority interest. Minority interests can actually be harder to sell due to the limited control one has (As the esteemed John McMullen said in regard to being a minority owner in baseball "Nothing is more limited than being George Steinbrenner's limited partner"). And for the record, I'm not comparing McNair to Steinbrenner (or McMullen) in any way shape or form.

It may also make a difference that I'm pretty sure Fertitta's interest in the GN was indirect thru his ownership in Landry's. Therefore there's some insulation between him and the gambling. This may have bought him some time, by making it a gray area and not immediately cut and dry that he would have to sell his interest.

Also, The Golden Nugget's not just a gambling-related business, it's an NFL gambling related business. Don't forget that McNair himself owns and races horses, and while I don't think McNair has any business interest in the wagering part, folks have been known to bet a buck or two on that. Also, it's my understanding that while the Malouf brothers own both the Sacramento Kings and the Palms Casino, the sportsbook at the Casino doesn't take action on Kings games (or maybe it's the entire NBA - can't remember). This could have also been an action that the Golden Nugget was taking, or asked to take, and Fertitta just decided it wasn't worth it anymore.

All of this is conjecture, and it could be 180 degrees off-base, but whatever the reason, 3 years may be pushing the boundary, but it's probably reasonable.

Last edited by ChampionTexan; 05-17-2008 at 12:31 AM.
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Old 05-17-2008   #5
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Default Re: Fertitta sells interest in Texans

Quote:
Originally Posted by Ole Miss Texan View Post
I was kind of confused at first. You'd think now would be a bad time to sell your ownership interest because I see this as a team and organization on the up, as in only getting better and more valuable. However, sounds like he was forced to sell because of his relationship with the Golden Nugget, obviously a gambling-related business.

My question is, if he's owned the Golden Nugget for three years why is he just now selling his interest in the Texans??? And if he bought his interest after owning the GN... why was he even allowed to buy in???
I agree 1000% with this post. Yes, one thousand percent.

Why sell your interest now, when the team is about to turn the corner?
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Old 05-17-2008   #6
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Default Re: Fertitta sells interest in Texans

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I agree 1000% with this post. Yes, one thousand percent.

Why sell your interest now, when the team is about to turn the corner?
Regardless if we were on the up and up or not......even through our worst years we still have been one of the most profitable organizations in the entire league...according to forbes list.

(just checked it.....and infact we were #2 in the entire league)

http://www.forbes.com/2006/08/29/06n...hisSpeed=20000
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Old 05-17-2008   #7
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Default Re: Fertitta sells interest in Texans

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Originally Posted by Carr Bombed View Post
Regardless if we were on the up and up or not......even through our worst years we still have been one of the most profitable organizations in the entire league...according to forbes list.

(just checked it.....and infact we were #2 in the entire league)

http://www.forbes.com/2006/08/29/06n...hisSpeed=20000
A year later we'd dropped to #4.

http://www.forbes.com/lists/2007/30/...ions_Rank.html
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Old 05-17-2008   #8
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Default Re: Fertitta sells interest in Texans

I will be at a party with Tilman Fertitta tonight. I wll try to talk to him.
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Old 05-17-2008   #9
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Default Re: Fertitta sells interest in Texans

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Originally Posted by gary View Post
I will be at a party with Tilman Fertitta tonight. I wll try to talk to him.
LOL...ask him why all of his establishments suck.

It took so long to sell as they were appealling to the league to keep him around.

Someone please tell Uncle Drayton that we don't want to see him behind the backstop anymore either.
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Old 05-17-2008   #10
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Default Re: Fertitta sells interest in Texans

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Originally Posted by Roc Hoover View Post
LOL...ask him why all of his establishments suck
I will.
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Old 05-17-2008   #11
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Default Re: Fertitta sells interest in Texans

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I will.

Kewl...but do thank him for selling Joe's Crab Shacks. That was the best thing that could happen to them.
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Old 05-17-2008   #12
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Default Re: Fertitta sells interest in Texans

Some of you guys are just effin ridiculous.
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Old 05-17-2008   #13
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Default Re: Fertitta sells interest in Texans

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Originally Posted by ObsiWan View Post
#4 is still a amazing spot for this franchise to be.
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Old 05-17-2008   #14
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Default Re: Fertitta sells interest in Texans

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Some of you guys are just effin ridiculous.
I appreciate the compliment if you meant me.

Us Fifth Street homies don't fall too far from the tree...lol
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