Look back at Rockets' first championshipAlexander purchased the Rockets in 1993 for $85 million.
Houston Rockets CEO Tad Brown announced on Monday at Toyota Center that owner Leslie Alexander has expressed his intent to sell the franchise along with Clutch City Sports and Entertainment after 24 years of ownership. The great players, Hall of Fame players and coaches, championships won, All-NBA teams made.
Forbes in February placed a valuation on the franchise at $1.65 billion, though Brown said those valuations have typically been "very low" when teams have been sold.
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In recent days, the #Houston Rockets surprised nearly everyone when they acquired #Chris Paul via trade from the Los Angeles Clippers, and signed #James Harden to a record $228-million contract extension.
"I do think it's a grind and he's exhausted", Brown said.
The Rockets won back-to-back National Basketball Association championships after Alexander assumed control in July 1993, but CEO Tad Brown revealed on Monday the owner wants to change "the fabric of his life". Among the responses are former Rockets Hakeem Olajuwon and Clyde Drexler, Gallery Furniture owner Jim "Mattress Mack" McIngvale, and Houston native Beyonce and her husband, Jay-Z, who once owned a stake in the Brooklyn Nets. They traded for Chris Paul, re-signed James Harden and extended general manager Daryl Morey. A management team is in place with long-term contracts.
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Brown said he was "very surprised" with the decision. "He wanted to make it clear that Houston is home for him. He's going to continue his commitments to the charities he's supported".
The Houston Rockets are for sale. That could shoot the team's evaluation up even higher than the Forbes estimation. I'll always have a special place in my heart for the fans, partners, city officials and employees who care so deeply for this team. In a statement, Alexander said he reached the decision after much deliberation with family and friends, adding that chief executive Tad Brown will oversee the process.
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