NBA franchise the Houston Rockets have been sold for a record US$2.2b (NZ$3b).

Restaurant and casino owner Tilman Fertitta has agreed to buy the franchise from Leslie Alexander.

Alexander bought the team in 1993 for $US85m and announced it was for sale in July.

He says he has known Fertitta for more than two decades and couldn't have found "anyone more capable of continuing the winning tradition of our Houston Rockets."

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Terms were not released and must be approved by the NBA Board of Governors. The deal includes Clutch City Sports and Entertainment, which puts on shows and concerts at the Toyota Center.

Fertitta will be the team's sole owner, calling this a "lifelong dream come true." He is the owner of the Landry's restaurant chain and Golden Nugget casino and hotels.