Houston Rockets owner puts team up for sale

Erik Williams-USA TODAY Sports

Houston Rockets CEO Tad Brown announced on Monday at Toyota Center that owner Leslie Alexander has expressed his intent to sell the franchise along with Clutch City Sports and Entertainment after 24 years of ownership. User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. The sale of the Rockets could double his net worth in one fell swoop.

"It's been my great joy and honor to own the Houston Rockets for the past 24 years", Alexander said in a statement released by the team. But if you look at what the Rockets have been doing recently, it appears that Alexander's been tying up loose ends and securing things to bolster both the franchise's future and his windfall.

Last month, the team acquired All-Start point guard Chris Paul III as part of a seven-player trade with the Los Angeles Clippers and re-signed its star forward, James Harden, to a contract extension that will pay him a league record $228 million over six years.

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This news comes right as Carmelo Anthony to Houston trade rumors have heated up. That could shoot the team's evaluation up even higher than the Forbes estimation.

Although Alexander mentioned selling the team in the past, Brown said his final decision was a surprise. Instead he said that he had other passions and was looking towards changing the "fabric of his life".

Alexander bought the Rockets in 1993 for $85 million. And there is little question that the National Basketball Association has only grown in stature and popularity in the last three years. Among NBA teams, the Rockets rank eighth out of 30, just ahead of the Dallas Mavericks at ninth with a value of $1.45 billion. He's also put his Gramercy Park penthouse condo and his Baccarat Hotel & Residences condo in NY up for sale, asking for $46.5 million and $21.5 million respectively. The usual basketball activities of the offseason should proceed without a hitch. With the way Houston's roster in shaping into form, we may have a third championship banner to hang up sooner than later.

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