Owner has sold his interests in the Texans

May 20, 2008 7:00 PM

by Ray Poirier | Tilman Fertitta, who is making a pitch to acquire all the outstanding shares of Landry’s Restaurants Inc. (LNY), has bowed to the National Football League and has sold his interests in the Houston Texans.

The NFL prohibits team owners from having a gambling related business.

Landry’s Restaurants owns the Golden Nugget gaming properties in Las Vegas and in Laughlin.

"It’s one of those things that happens in business. I think it’s a ridiculous rule, but I don’t make the rules always," Fertitta commented.

Texans owner Bob McNair, who is prominent in thoroughbred racing as both an owner and breeder, said he was disappointed that Fertitta was forced to sell his football shares. He would not disclose the percentage Fertitta owned or the purchase price.

Landry’s directors are still reviewing Fertitta’s proposal to acquire the company.