The Houston Rockets Are for Sale

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Alexander bought the team for $85 million back in 1993, and Forbes recently valued the franchise at roughly $1.65 billion, so he figures to get a very nice return on investment here.

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.

Team CEO Tad Brown confirmed the news Monday and said Alexander is committed to selling the team to someone who will keep it in Houston.

"It's been my great joy and honor to own the Houston Rockets for the past 24 years", Alexander said in a statement. Instead he said that he had other passions and was looking towards changing the "fabric of his life".

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"The Houston community has been home to me", Alexander said. Tucker and Luc Mbah a Moute to a 55-win team. not to mention that James Harden just recently signed a record four-year extension. The Los Angeles Clippers, a perennial loser in the league, were sold for $2 billion in 2014 to former Microsoft CEO Steve Ballmer after the National Basketball Association forced then-owner Donald Sterling to relinquish the team. That's nearly 20 times more valuable than the $85 million Alexander spent to purchase the team in 1993.

Leslie Alexander has done an excellent job of leading the Houston Rockets over the past 24 years, with two championships under his belt. "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".

"He has been an active and influential owner whose vision helped to grow the game globally, especially in China", Silver said in a statement. 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 recent weeks, the Rockets have been at the center of trade rumors surrounding New York Knicks star Carmelo Anthony. "CEO Tad Brown will oversee the sales process with the league office, supported by my management team".

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