'Billion Dollar Buyer' host Tilman Fertitta buys Houston Rockets for record $2.2 billion

Houston native Tilman Fertitta has agreed to purchase the Houston Rockets for a record $2.2 billion, according to Adrian Wojnarowski of ESPN.

The purchase price would eclipse the record $2.0 billion paid by Steve Ballmer for the Los Angeles Clippers in 2014.

Current owner Leslie Alexander purchased the club prior to the 1993-94 season for $85 million. During Forbes' most recent NBA franchise valuations, the Rockets' were valued at $1.65 billion.

Fertitta is the CEO of Landry's and has a net worth of $3.1 billion, according to Forbes, making him the world's richest restaurateur.

This is a developing story.