Assuming he is confirmed by the U.S. Senate as the new United States Ambassador to Italy, Houston billionaire Tilman Fertitta plans to separate himself from numerous business entities. However, ownership of the Rockets won't be among them. In a March 16 letter, Fertitta wrote that he will step down as CEO of Fertitta Entertainment LLC — should he be confirmed as an ambassador.

The letter, addressed to the acting legal adviser and designated agency ethics official at the U.S. Department of State, describes the steps Fertitta plans to take to avoid any actual or apparent conflict of interest in his new role.