'It’s a trick': Billionaire NBA owner says he did 45,000 laid off staff a 'favour'

Multi-billionaire owner of the NBA’s Houston Rockets, Tillman Fertitta, has defended furloughing more than 45,000 employees across his restaurant and casino businesses, claiming the decision was ‘a favour’.

Fertitta is estimated to be the 44th richest person on the planet according to Forbes, with a net worth just shy of US$5 billion, thanks to the sale of his family’s stake in the UFC back in 2016.

'KILLING IT': NBA impressionist turns hoops comedy into big business

'UNACCEPTABLE': $5 million fallout from Aussie basketball 'disgrace'

In an interview with Fox News, Fertitta said his decision to furlough workers was ‘unimaginable’, but that his decision would also help those same workers receive unemployment benefits sooner.

“You’re doing your people a favour if you get them furloughed first, because you have them first to the unemployment line after the severance that you give them,” Fertitta claimed.

“It’s a trick that I learned many years ago.

“These unemployment numbers – 16 million – and there’s no telling what it’s going to be next week, that’s what’s so sad about this whole crisis.”

Houston Rockets stunned by ‘sci-fi’ coronavirus response

The Rockets owner has a payroll of US $130 million for the NBA franchise alone.

Fertitta described the pandemic-enforced economic shutdown as ‘like a sci-fi movie’, before revealing his total payroll, including for large-scale restaurant chain Landry’s, totalled more than US $1.5 billion.

“We’ve all had to do little lay-offs over the years,” he said.

“But you have to basically shut down the whole company.

“When you think of having amusement parks, aquariums, a basketball team, casinos all over — and nothing is open.

“It’s like a sci-fi movie you would never believe.

“This is what people don’t understand, is that we all pay today, yesterday’s bills with today’s money.

“And when we just got shut down in a 48-hour period, you still have a payroll and severance, $100 million for me because my payroll is $1.5 billion a year.”