Forbes valued the Rockets organization at $1.65 billion earlier this year, a considerable increase from what Alexander bought them for in 1993. The value of the franchise has grown steadily since the Hakeem Olajuwon era, thanks in large part to Yao Ming’s worldwide appeal.
The Houston Rockets are up for sale, team president and CEO Ted Brown announced on Monday.
“It’s something he’s been thinking about a little bit”, Brown said. In 24 seasons under Alexander, the Rockets have won 56.9 percent of their games, fifth-highest in the league.
Brown said Alexander had been approached over the years about selling the team, but never previously considered it.
“It’s been my great joy and honor to own the Houston Rockets for the past 24 years”, said Alexander in an official team release. Instead he said that he had other passions and was looking towards changing the “fabric of his life”. Alexander said he will continue to support the charities he has made commitments to through the years. NBA Commissioner Adam Silver praised him as someone who helped expand the league’s worldwide appeal. “Moreover, his philanthropy speaks just as powerfully as his ownership, with local libraries, women’s centers and homeless shelters all benefitting from his generosity”. The unexpected announcement, which reportedly even caught people within the organization by surprise, comes less than two weeks after the Rockets signed James Harden to the biggest contract extension in National Basketball Association history. The Rockets also traded for Chris Paul in late June as the team tries to prepare to compete against the Warriors.
The good news is the front office, coaching staff and players should not be affected by the Rockets being put up for sale.
“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”, added Alexander.