Tilman Ferritta, the owner of the Houston Rockets, accidentally revealed information about the new practice facility during the team's introductory press conference to their new coach, Imeudoka.
Fertitta responded to a question regarding old reports about his alleged unwillingness of spending as much money as other NBA owners on their teams on the Rockets. He revealed that the organization intends to build a practice facility worth $70 million in the Galleria.
Fertitta stated during the press conference that he did not know where he had spent his money. We're the only one with a 767 that we can fly in. We are currently building a practice facility worth $70 million. Every year, we've been the best in cap.
He expressed the hope that the facility would be completed in time for 2024-25. Fertitta didn't provide any further information, other than the approximate cost, the location, and the rough timeline of the project.
Fertitta admitted that he had messed up when he accidentally mentioned the facility. We want to make a formal announcement but were hoping that it would be available for the next season.
Fertitta said that he believes the new facility will serve as a great recruiting tool.
Since the Toyota Center opened downtown in 2003, the Rockets have been training on a single court. The Rockets' practice court is nothing compared to the millions of dollars that other franchises spent in recent years on state-of-the art training facilities. According to Sports Business Journal's sister publication, since 2015, 14 out of 30 teams have renovated or built new facilities.
Fertitta has had a new training facility in mind since he bought the Rockets in 2017. Chron.com reports that Fertitta's search for potential locations to build a new training facility dates back at least six-years. Fertitta is the second richest billionaire in Houston, and he ranks No. Forbes' list of the World's Richest Sports Owners, which ranks Fertitta at No.