The Rockets Are For Sale

If you have a few billion dollars lying around and want to own a good NBA team, now’s your shot.

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 serioiusly 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.