The Houston Rockets are a stable franchise with multiple superstars, a dedicated fanbase, and one of the largest television markets in the country.
So it came as a shock to everyone around the NBA when team president Tad Brown announced that the team is up for sale.
“It’s been my great joy and honor to own the Houston Rockets for the past 24 years,” team owner Leslie Alexander said in a statement.
“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.”
Alexander purchased the team in 1993 for $85 million and has had great success since then, winning the title in his first two seasons as owner.
Forbes in February put a valuation on the Rockets at $1.65 billion. Alexander bought the team in 1993 for $85 million.
— Jonathan Feigen (@Jonathan_Feigen) July 17, 2017
The Rockets are now the eighth most valuable franchise in the league, valued at $1.65 billion with annual revenues of $244 million, according to Forbes.
But as we saw with the sale of the Los Angeles Clippers, it only takes two billionaires to get into a pissing contest and Alexander could be looking at a $3 billion payday.
Teams around the NBA are making more money than ever before so it seems odd that Alexander would give that up. He just inked James Harden to a huge extension and will have no problem filling the arena each night or selling a local cable contract.
ESPN’s Darren Rovell reported that Alexander never expressed interest in selling the team before. Brown said there is no timetable for the sale and they will take their time with the process.
This allows all of us to get our bread together and go in on what might be the best sports investment of the decade.