Tilman Fertitta keeps Rockets stake despite ambassador role

Tilman Fertitta has stated that he will step down as CEO of Landry’s Inc. if confirmed as the U.S. ambassador to Italy and San Marino, but he has no plans to relinquish his controlling stake in the Houston Rockets, reports Erica Grieder of The Houston Chronicle.

In a letter to the U.S. Office of Government Ethics, Fertitta acknowledged that his role as ambassador might occasionally intersect with matters affecting the NBA, given that the Rockets are a league member.

“I have been advised that during my service as Ambassador, the Embassy may address particular matters affecting the financial interests of the National Basketball Association, of which the Houston Rockets professional basketball team is a member,” Fertitta wrote.

“The agency has determined that it is not necessary at this time for me to divest my interests in the Houston Rockets because my recusal from particular matters in which these interests may pose a conflict of interest will not substantially limit my ability to perform the essential duties of Ambassador.”

Essentially, while Fertitta will remove himself from any official dealings that could create a conflict of interest, government officials have concluded that such recusals will not interfere significantly with his ability to carry out his ambassadorial responsibilities.