In a unforeseen turn of events the Rockets have announced the team has been put up for sale by Owner Leslie Alexander.
The Rockets have been one of the more successful franchises in the NBA for the past decade. When you also factor in the Houston market and the healthy state of the NBA, the Rockets will fetch a haul in a potential sale.
Leslie Alexander bought the Houston Rockets in July 1993 for $85 million. The Rockets were immediately successful, winning a pair of championships in the Michael Jordan-less 1993-94 and 1994-95 seasons. The value of the franchise has grown steadily since the Hakeem Olajuwon era, thanks in large part to Yao Ming’s international appeal. Forbes currently values the team at $1.65 billion, which is the eighth-highest in the NBA, and team CEO Tad Brown announced this afternoon that Alexander was putting the team up for sale.
James Harden recently signed a mega extension with the team, and with Chris Paul in town and GM Daryl Morey locked in for at least four more years, the on-court future of the Rockets is very secure over the course of the immediate future. Brown said that prospective buyers have spoken to Alexander for years, but he never seriously considered selling before.
Alexander’s abrupt announcement comes at the same time as a wider sale of his assets. He’s also put his properties in New York City and La Jolla up for sale this year.
The overall value of NBA teams is clearly reflected in the enormous contracts being dished out through out the league. Owner Leslie Alexander released the following statement with today’s news.
“It’s been my great joy and honor to own the Houston Rockets for the past 24 years,” said Alexander. “I’ve had the incredible opportunity to witness true greatness through the players and coaches who have won championships for the city, been named to All-Star and All-NBA teams, enshrined in the Basketball Hall of Fame, and done so much for our franchise and our fans. And the Houston community has been home to me; I will continue to support the charities I have made commitments to throughout the years. 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. I’ve made this decision after much deliberation with my family and friends, and do so knowing the franchise is in great shape with the players, coaches and management team in place. CEO Tad Brown will oversee the sales process with the league office, supported by my management team.”
Flip the page for the Rockets announcement on the team being put up for sale as well as a statement from NBA Commissioner Adam Silver.