Rockets extend front office contracts of Rafael Stone, Eli Witus

“We wanted to show them as well as the public we’re excited with the direction the Rockets were going,” owner Tilman Fertitta tells the Houston Chronicle.

The Rockets extended the contracts of general manager Rafael Stone and assistant general manager Eli Witus, longtime beat writer Jonathan Feigen of the Houston Chronicle reported Tuesday. Terms of the deal, both in terms of finances and years, were not disclosed.

The agreements were reached in January, Feigen reports.

“We wanted to show them as well as the public we’re excited with the direction the Rockets were going,” owner Tilman Fertitta told Feigen. “It became clear that the Rockets had executed our plan to draft and develop young potential cornerstones for the franchise, stabilized the team with veterans that translated to winning games and found our coach for the present and future.”

By any objective measures, 2023-24 was a successful season.

After averaging fewer than 20 wins per season over the previous three years, the Rockets (41-41) became the 10th NBA team in history — and the fifth in the last 30 years — to immediately follow a season of 60 or more losses with a non-losing season.

Stone played a key role. In the preceding offseason, Stone hired Ime Udoka as head coach; drafted promising rookies Amen Thompson and Cam Whitmore; and signed Fred VanVleet, Dillon Brooks, Jeff Green, Aaron Holiday and Jock Landale as free agents.

Those newcomers were paired with four young and talented returnees: Alperen Sengun, Jalen Green, Jabari Smith Jr. and Tari Eason. The combination had immediate benefits.

Thus, Stone and Witus were rewarded. Both were hired to their current roles in October 2020 after the exit of longtime general manager Rafael Stone, and it appears they will stay in place as the Rockets ditch the rebuilding years and move closer to contention.

[lawrence-related id=123309,123158]

Report: NBA execs expect Rockets to extend Rafael Stone’s contract as general manager

Many around the NBA are expecting the Rockets to soon extend Rafael Stone’s contract as general manager, Marc Stein reports.

After three rebuilding seasons in the Western Conference basement, the young and improving Houston Rockets have climbed the standings in 2023-24 as they work to secure a winning record.

The fingerprints of general manager Rafael Stone are all over the current roster, both with young prospects showing improvement (starting with Jalen Green, Jabari Smith Jr., Alperen Sengun, and Amen Thompson) and 2023 offseason acquisitions such as head coach Ime Udoka and veteran leaders Fred VanVleet and Dillon Brooks.

With that in mind, it shouldn’t come as a surprise if Rockets owner Tilman Fertitta looks to keep Stone around beyond his current deal. From the latest newsletter of veteran NBA scribe Marc Stein:

The Houston Rockets’ strong play in the season’s second half has likewise generated an expectation in some league corners that an extension is forthcoming for general manager Rafael Stone.

This is the fourth season in the lead chair for Stone, who took over as GM when Daryl Morey moved on after the 2019-20 season. Prior to that, Stone was Morey’s No. 2 executive in basketball operations.

Most executive contracts last for four or five years, so the Rockets will likely need to make a decision on Stone either this offseason or next.

Given the improvement, it likely won’t be a difficult one.

[lawrence-related id=120978,120804]

Report: At $4.1 billion, Rockets rank No. 10 among NBA teams in franchise valuation

At $4.1 billion, the Rockets reportedly rank 10th among the NBA’s 30 teams in franchise valuation — just behind Toronto and edging out Dallas.

The sports world continues to see money flooding into it, and that is especially the case with the NBA, which has seen team valuations skyrocket in recent years. Using Sportico data, Raul Barrigon of HoopsHype recently compiled a list of the financial valuations of all 30 teams, based on the most updated figures.

The NBA’s most valuable franchise, according to Sportico, is the Golden State Warriors ($8.3 billion), followed by the New York Knicks ($7.4 billion) and Los Angeles Lakers ($7.3 billion).

With a franchise valuation of $4.1 billion, the Rockets check in at No. 10 on the NBA list. That figure is well above their $3.3-billion valuation a year ago, but the Rockets slipped from ninth to 10th in the rankings based on a jump by the Philadelphia 76ers (No. 11 to No. 8).

Teams just ahead of the Rockets in franchise valuation include:

  • No. 4: Boston Celtics, $5.1 billion
  • No. 5: Chicago Bulls, $4.8 billion
  • No. 6: Los Angeles Clippers, $4.6 billion
  • No. 7: Miami Heat, $4.2 billion
  • No. 8: Philadelphia 76ers, $4.1 billion
  • No. 9: Toronto Raptors, $4.1 billion

Meanwhile, teams just behind the Rockets are:

  • No. 11: Dallas Mavericks, $4.0 billion
  • No. 12: Phoenix Suns, $4.0 billion
  • No. 13: Brooklyn Nets, $4.0 billion
  • No. 14: Sacramento Kings, $3.5 billion
  • No. 15: Denver Nuggets, $3.4 billion

The league’s lowest valued teams are the Minnesota Timberwolves (No. 28, $2.9 billion), the Memphis Grizzlies (No. 29, $2.8 billion) and the New Orleans Pelicans (No. 30, $2.7 billion).

The complete list can be viewed here. For context on the rapidly improving valuation figures, it’s worth noting the Rockets sold for $2.2 billion when Tilman Fertitta bought the team in October 2017. That’s an increase of approximately 86% in under seven years.

[lawrence-related id=118783,118811]

Rockets pay respects to late Robert Reid, who passed away Monday

Robert Reid, who played a key role on Houston’s first two NBA Finals teams in 1981 and 1986, passed away at 68 years old after a battle with cancer.

Robert Reid, a former NBA player best known for his 10 seasons with the Houston Rockets, has died. He was 68 years old.

Reid played in college at St. Mary’s University before being selected by the Rockets in the second round of the 1977 NBA draft.

“It is with great sorrow that my family and I received the news of the passing of Rockets legend, Robert Reid,” owner Tilman J. Fertitta said in a statement released on Tuesday. “I have had the privilege of knowing Robert for over 40 years, and his presence always brought joy and positivity to any room he entered.”

“I will never forget watching the Rockets teams he was a part of in the 80s compete in the Finals, and the love he had for the game,” Fertitta said in a statement issued by the team. “My heartfelt condolences go out to his wife, Diana, and all those who held him dear. Robert’s absence will be deeply felt, and he will be fondly remembered.”

Fox 26 Houston, which initially reported Reid’s passing, said Reid passed away peacefully at his Houston home on Monday, Feb. 19, after a battle with cancer. Regarding his career, Fox 26 writes:

Standing 6-foot-8 and weighing 205 pounds, Reid rose to prominence as a versatile forward/guard during a 13-year career in the league. Known for his athleticism and defensive abilities, he played a significant role in the Rockets’ lineup during the early 1980s, contributing to the team’s success in multiple playoff appearances.

In 1982, Reid decided to retire from professional basketball despite being at the peak of his career. He prioritized his personal beliefs and returned to church, leaving behind a lucrative contract and the fame associated with being a professional athlete. He eventually returned to the league after missing the sport.

After retirement, Reid remained active in his community and dedicated himself to charitable causes.

Reid’s first retirement didn’t last long. He returned to the Rockets ahead of the 1983-84 season.

Reid was a consistent rotation player for the Rockets — and a double-figure scorer, on average — during the 1980-81 and 1985-86 seasons, which resulted in the first two Western Conference championships and NBA Finals berths in franchise history.

Over 10 seasons with the Rockets, Reid averaged 11.6 points (46.7% FG), 4.9 rebounds and 3 assists in 28.5 minutes per game. He retired as a player after the NBA’s 1990-91 season.

Read on for further reaction from the team and its followers, as well as highlights from Reid’s distinguished NBA career.

Rockets, Fertitta family unveil renovations to Houston hoops court

The Rockets and the family of owner Tilman Fertitta partnered with several Houston entities to renovate the Highland Park basketball court.

The Rockets and the family of owner Tilman Fertitta recently partnered with the Memorial Hermann Health System and the Houston Parks and Recreation Department for renovations at the Highland Park basketball court, which were unveiled on Dec. 30.

The renovations included repairs and improvements to both the pavilion and the court, including the addition of new basketball goals.

This initiative marks the team’s second collaboration with Memorial Hermann to revitalize courts. According to the team, it reflects their organizational commitment to enrich lives by improving courts and community centers in underserved communities. 

After a ribbon-cutting ceremony to officially open the upgraded court, second-year forward Tari Eason and former player Gerald Green hosted a basketball clinic for youth from the Houston Parks and Recreation Department’s afterschool enrichment program. Photos and videos of the various events are available below.

The pavilion and court renovations at Highland Park were made possible through contributions by the Rockets’ Clutch City Foundation, Memorial Hermann’s Community Benefit Corporation, and the Houston Parks and Recreation Department.

Tilman Fertitta sees $70M training center providing edge to Rockets

“This will be a great recruiting tool for free agents, to have a facility like that,” Rockets owner Tilman Fertitta says of his team’s new $70-million practice center.

Tilman Fertitta lives by the motto “Put your money where your mouth is.”

So, when Houston’s owner referenced his team’s unannounced new practice facility during April’s introductory press conference for head coach Ime Udoka, he smiled because he had already seen virtual renderings of the Memorial Hermann training center.

The practice facility, which is located on Houston’s I-610 West Loop (just north of I-10), is scheduled for completion in mid-2024.

“We’re building a $70-million practice facility right now,” Fertitta accidentally said in April 2023 as he answered questions. “We were hoping it would be ready for next season, but just with permitting and everything, we’ll lay it all out for you guys soon.”

Tuesday was that day.

Gretchen Sheirr, president of business operations, walked the 75,000-square-foot facility with media members, Udoka and general manager Rafael Stone, and Memorial Hermann representatives. During the tour, Sheirr gave a detailed explanation of each area of the training center and how the space would be effectively used to benefit the organization as a whole.

Having the facility relatively close to the Toyota Center was intentional. The current location is a 10-minute drive from downtown Houston to Old Katy Road.

“A lot of teams go out and put (training centers) on pieces of land that is not close to where everyone lives because it is the best thing to do economically,” Fertitta said. “To have this right here in the middle of town, near everybody, means a lot. It will allow the players to come to the facility even when there is no practice.”

The site should be a massive upgrade on what the team uses at Toyota Center. The new facility has two full-length basketball courts for drills and practices, which should be a major benefit relative to the current system of splitting up on each end of the court.

While there, players can take advantage of the new locker rooms, which feature walk-in style closets; a lounge and dining area; and a strength and conditioning area equipped with cold tubs, hot tubs and a jet pool. There is an outdoor training area with a conditioning ramp and stairs. The training center also features a visitors’ locker room, which is rare in the NBA. Opponents have their own entrance onto the practice court, away from their opponent.

Fertitta, who purchased the team in 2017, said he has always envisioned a facility that would benefit the players and attract NBA free agents interested in joining the Rockets.

“We all know you are just looking for a little bit of that edge,” Fertitta told reporters on Tuesday afternoon. “We need an edge. That is why we have this general manager (Stone) and this head coach (Udoka). I think they give us a little bit of an edge.”

“Our players will be excited about it. This will be a great recruiting tool for free agents … to have a facility like that.”

The Rockets have certainly been through tumultuous times over the last three seasons, winning fewer than 25 games per year. Although he was very patient during the rebuilding phase, Fertitta did not like losing, especially after watching his team have so much success during the previous decade.

In Tuesday’s comments, Fertitta admitted it was hard for him to allow the process to play out. But he trusted the individuals he had put in charge of leading the Rockets back to prominence, and that’s something he knows will take a little more time to play out.

“We will never be complete, with the Rockets, until we all have rings,” Fertitta said. “I have two (title) rings from being involved with Les Alexander (previous owner), but it is not the same.”

“I don’t know where this is all going to end up in two years, three years, four years, five years,” Fertitta concluded. “But so far, I think our management has made the right decision.”

[lawrence-related id=118783,113457]

Rockets offer first look at $70-million practice complex, which opens in 2024

On Tuesday, Rockets owner Tilman Fertitta invited media members to an early preview tour of the team’s new practice facility, which will open in mid-2024.

On Tuesday, Rockets owner Tilman J. Fertitta and the Fertitta family invited media members to an early preview tour of the team’s new training center, which is scheduled for completion in summer 2024. The facility is located minutes north of The Post Oak Hotel, which is also owned by Fertitta, on Houston’s I-610 West Loop.

Since opening Toyota Center in 2003, the Rockets have trained on a single practice court inside the building. Fertitta, who bought the franchise in October 2017, has stated on multiple occasions a desire to build a new facility with multiple practice courts.

Tuesday’s tour offered a first look as construction approaches the halfway mark of its scheduled 14-month process. The facility’s framework was shown, including locations and layout for dual-courts; locker room, treatment, and conditioning areas; workspace for the front office and coaching staff; and other amenities.

Artist renderings for the final vision were on display. As part of an introductory press conference in April for new head coach Ime Udoka, Fertitta estimated the total cost at $70 million.

“We’re the only team that has their own private 767 [aircraft] to fly around in,” Fertitta said in response to a question about spending. “We’re building a $70-million practice facility, right now.”

Because it remains an active construction site, closed-toed shoes and long pants were required for attendees. Additional personal protective equipment (PPE) and safety gear were distributed on site.

Gretchen Sheirr, president of business operations for the Rockets, guided the tour. Once completed, Fertitta addressed media members and answered questions regarding the facility.

Here’s our roundup of the sights, scenes and what was learned. At 75,000 square feet, the Rockets are tripling the size of their current Toyota Center training infrastructure, according to the team.

Forbes study: Rockets valued at $4.4 billion, No. 8 among NBA teams

The Rockets are now valued at $4.4 billion and No. 8 among all NBA teams, according to a new Forbes study. That’s double what owner Tilman Fertitta paid in 2017.

According to Forbes, the average NBA team is worth $3.85 billion this season — up 35% from 2022 and higher by 75% from 2019.

For the Houston Rockets, owned by Tilman Fertitta, their $4.4-billion valuation in 2023 is up by 38% from a year ago and currently ranks No. 8 among the league’s 30 franchises. That figure is exactly double the $2.2-billion price that Fertitta paid upon buying the team from its former owner, Les Alexander, in October 2017.

Here’s how Forbes dissects the increasing values:

The surge in values was driven by the two sales of controlling stakes in NBA teams during the past 12 months—the Phoenix Suns sold for $4 billion to Matt and Justin Ishbia in February, and in August, Michael Jordan sold the Charlotte Hornets for $3 billion to Rick Schnall and Gabe Plotkin—as well as 25% of the Milwaukee Bucks at a $3.2 billion valuation by Jimmy and Dee Haslam in April.

The escalation in sale price multiples is due to the expectations over a major increase in media rights.

Going forward, Forbes believes future NBA expansion in desirable markets such as Las Vegas and Seattle could further bolster these valuations. The complete 2023 list, which is yet again headlined by the Golden State Warriors ($7.7 billion) at No. 1, is available here.

[lawrence-related id=113457,110281]

Hyper-athletic: Rockets enter rebuild’s next phase by doubling down on team philosophy

“We already were athletic, and we doubled down,” Rafael Stone said after the 2023 NBA draft. “It is never a bad thing to be a hyper-athletic team, and I think we will be just that.” #Rockets

It has been at least three years since the Houston Rockets were looked at as winners on and off the court.

To regain its relevance, the organization has a three-phase plan in place. After Thursday night’s 2023 NBA draft, the Rockets already appear to be winning the second phase.

In late 2020, Phase 1 of their rebuild began with the departure of veteran superstars James Harden and Russell Westbrook. It also included the exit of general manager Daryl Morey, who was the architect of the extended playoff runs in the 2010s.

As the organization sees it, that phase ended in April 2023 when it did not renew the contract of former head coach Stephen Silas. At that time, the Rockets were coming off a third straight year with one of the NBA’s two worst records, which resulted in high draft picks to bolster Houston’s stockpile of young talent and draft assets.

Phase 2 started in late April when Houston hired former Boston Celtics head coach Ime Udoka, who led the Celtics to an NBA Finals appearance in his only season.

Udoka’s presence will be felt on the sidelines and in the locker room. The former NBA player and coach under San Antonio Spurs legend Gregg Popovich was heavily pursued by many teams for their head coaching vacancy during the 2023 playoffs..

The shift in dynamics, particularly when it came to hiring a coach that could help Houston’s young roster take that next step, could be considered a win for the franchise. If that is the case, general manager Rafael Stone should be preparing to take another victory lap.

According to most analysts, Houston was a big winner in Thursday’s draft after adding Amen Thompson from the Overtime Elite at No. 4 and Cam Whitmore out of Villanova at No. 20.

“Houston has a lot of players that have great potential, and I think (we) have a scary future,” Thompson said.

Adding those pieces to a roster that consists of Kevin Porter Jr., Jalen Green, Jabari Smith Jr., Alperen Şengün and Tari Eason makes Houston one of the most exciting young teams in the NBA.

“We are athletic,” Stone said with a smile during his post-draft press conference. “I think we can jump. So, I think we already were (athletic), and we doubled down. It is never a bad thing to be a hyper-athletic team, and I think we will be just that.”

The responsibility of making everything come together on the court to translate to wins will be left to Udoka and his staff. Stone has provided many key pieces to make the Rockets competitive next season, but he needs to find veteran additions in free agency.

For owner Tilman Fertitta, Phase 3 consists of playoff runs that will ultimately produce NBA titles. As of now, it remains far too early for the Rockets to make a push at hanging another championship banner in Toyota Center.

But if the team develops as projected, it may need to think about an optimal parade route through the city in a few years.

[lawrence-related id=114692,114609]

Report: Rockets in world’s top 25 most profitable sports franchises

According to a new Forbes study, the #Rockets rank No. 23 among global sports franchises in profits this decade. They’re seventh among NBA teams.

The Houston Rockets have struggled on the court in the last three seasons, finishing with one of the NBA’s worst two records in each. However, their earnings away from the game have been world class.

According to Mike Ozanian from Forbes, the Rockets rank No. 23 in the world in recent sports franchise profits. They have banked $240 million over the past three years. The financial list is determined by operating income, which Forbes defines for its study as earnings before interest, taxes, depreciation and amortization.

The 2020s-era list compares teams from the NBA, National Football League (NFL), Major League Baseball (MLB), the National Hockey League (NHL), and soccer franchises from various global leagues.

That No. 23 placement puts the Rockets — owned by Tilman Fertitta, who bought the team in 2017 — between the No. 24 Philadelphia Eagles and No. 22 Pittsburgh Steelers. The Texans, who also play in Houston, finished at No. 6 overall and third among NFL teams.

Houston is seventh among NBA teams, trailing the New York Knicks (No. 4, $623 million), Golden State Warriors (No. 7, $348 million), Los Angeles Lakers (No. 8, $333 million), Chicago Bulls (No. 14, $288 million) and Boston Celtics (No. 18, $269 million).

The complete list can be viewed here.

[lawrence-related id=113457,113192]