Billionaire Tilman Fertitta will buy the Houston Rockets basketball franchise of the NBA from Leslie Alexander in a record-breaking deal.
The chief executive of private restaurant corporation Landry's, Fertitta is set to purchase the Rockets for $2.2 billion, a National Basketball Association record, a source confirmed to CNBC.
The transaction is pending as it will require the approval of the league's board of governors, according to a press release Tuesday.
"It is truly unfortunate that this announcement is occurring amidst the aftermath of one of the biggest tragedies in the history" of Houston, the release said, referencing the extensive flooding in the city caused by Hurricane Harvey.
Fertitta is a Houston native who was born in Galveston, Texas, according to FactSet. Landry's is also headquartered in Houston.
"I am overwhelmed with emotion to have this opportunity in my beloved city," Fertitta said in the release.
— CNBC's Sandy Cannold contributed to this report.
Disclosure: Tilman Fertitta is the host of CNBC's "Billion Dollar Buyer."