Houston, we have a problem. Well, sort of.
Today we learned that after 24 years, Houston Rockets’ owner, Leslie Alexander, has decided to put the team up for sale. Over two decades after purchasing the team in 1993 for $85 million, the franchise is now valued by Forbes $1.65 billion, eighth highest in the league. And with Chris Paul and James Harden in the backcourt next season, expect the team’s revenues of $244 million to grow.
Alexander issued the following statement on the team’s site:
Its been my great joy and honor to own the Houston Rockets for the past 24 years, said Alexander. Ive 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. Ill always have a special place in my heart for the fans, partners, city officials and employees who care so deeply for this team. Ive 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.
NBA Commissioner Adam Silver released the following statement in regards to the team’s pending sale, which has no current timetable according to Alexander.
NBA Commissioner Adam Silver released the following statement regarding Leslie Alexander announcing his intention to sell Houston Rockets