Houston Rockets CEO Tad Brown has just announced in a press conference that Rockets owner Leslie Alexander has decided to put the team up for sale in an absolute shocker of announcement on Monday afternoon. Brown cited Alexander’s commitments to his family and philanthropic interests as the reasons, adding and stressing that Alexander’s health is fine.
Thankfully, he also said Alexander plans on finding a buyer committed to keeping the team in Houston, though he did say the current owner’s mind is officially made up on selling the franchise.
According to the Houston Chronicle’s Jonathan Feigen, the franchise was valued by Forbes earlier this year at $1.65 billion.
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
Although there are plenty out there speculating that Alexander can get significantly more.
My guess for Rockets sale - between 2.5b + 2.7b. With an outside chance of it creeping to 3b if 2 rich dudes get into a dick swinging duel.— Bill Simmons (@BillSimmons) July 17, 2017
The players were informed of the decision just this morning, and like the rest of us, they too are surprised by the decision.
James Harden, Chris Paul and Trevor Ariza were informed this morning of the decision and were "shocked and surprised", Brown added— Kelly Iko (@ClutchCityKelly) July 17, 2017
This is a huge loss for the Rockets and the Houston community, as Mr. Alexander was one of the most well-liked owners in professional sports who cared deeply about his team and especially winning. This will be a vital development in the franchise’s history and future direction, so it’s imperative that the franchise goes to the right buyer. Team culture is built from the top down.
And who knows? Maybe another sale will bring with it the same luck the last one did. If you recall, Alexander bought the team in 1993, and they immediately went out and won back-to-back titles. Who says lightning can’t strike twice?