The Houston Rockets are being put up for sale.
The NBA franchise has no asking price, but Forbes has valued the team at $1.65 billion.
Team owner Leslie Alexander has put Chief Executive Officer Tad Brown in charge of coordinating the sales process in conjunction with the NBA league office.
“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."
As for the city, "the Houston community has been home to me," Alexander said. "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.”
Alexander assumed ownership of the Rockets on July 30, 1993 and the team went onto win back-to-back championships in 1993-94 and 1994-95.
Over his 24 seasons as owner, the Rockets posted the fifth-highest winning percentage (.569) in the NBA. The Rockets also registered the second-most winning seasons of any team in the league over that span.