Houston Rockets owner Leslie Alexander is selling the team.
Rockets CEO Tad Brown made the announcement Monday, hours after he said Alexander made the decision.
Alexander took over as owner on July 30, 1993, and the Rockets went on to win back-to-back titles in 1994-95.
The Houston Chronicle reported Monday that Leslie Alexander bought the team before the 1993-94 season for $85 million. Forbes magazine puts the franchise’s value at $1.65 billion in its 2017 valuations of sports teams. Among NBA teams, the Rockets rank eighth out of 30, just ahead of the Dallas Mavericks at ninth with a value of $1.45 billion.
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According to Forbes, the Rockets would be just outside the top 50 most valuable franchises. This year’s cutoff for that listing was $1.75 billion.
Brown says Alexander had been approached over the years by those looking to buy the team, but that he never considered it until very recently.
Brown says he will be working with the league office to facilitate things while they look for a new owner.
There is no set timetable for the sale, but Brown says they want to find the right buyer and won’t rush the process.