Lets take a step back for those of you who don’t know how Tilman acquired the Houston Rockets.
When former owner Leslie Alexander put the team up for sale on Zillow, Tilman immediately was at the door knocking trying to find a way to purchase. And he fucking did it. Turn key and everything for just 2.2 BILLION dollars.
But how did he come up with the billions? He took out loans. A shit ton of them. Which he used his casinos (Golden Nugget) and restaurant group (Landry’s) as collateral to do so.
Fast forward to now, #CoronaSzn. Restaurants, sports and casinos are shut the fuck down. Which means ALL of Tilman’s businesses (Rockets, Golden Nugget, Landrys) have been closed for weeks, as well as the unforeseeable future.
So, where does that leave our boy Tilman? Hemorrhaging money and furloughing 70% of his staff:
And when news broke today that Tilman’s offering to pay a 15% interest rate on a $250 million loan, you know there’s absolutely zero question things are REAL bad for him. I mean, you’re approaching loan shark levels with the type of loan/terms that Tilman is just TRYING to get.
Bottom line is this, if Tilman is unable to secure the $250 million loan, then the Rockets are on the chopping block. If they aren’t already.
Next question, who’s buying them? Harden?