Rockets for sale
It is said that success spoils, and, boy, was Alexander spoiled, winning championships in his first two years at the helm. He then spurred the NBA’s global expansion with his embrace of cultural phenomenon Yao Ming and, by extension, China, the biggest ma
To argue that the Rockets have had the most spectacular offseason so far would be to understate the obvious. After all, they signed Most Valuable Player candidate James Harden to the richest contract in National Basketball Association history, pulled off a stunning trade for point god Chris Paul, and displayed a firm commitment to bring in offensive force Carmelo Anthony. In the sidelines, they inked advanced-stats guru Daryl Morey to four more years as general manager. All told, they managed to walk the talk. They didn’t just cast moist eyes on the hardware; they backed up their hopes with significant substance.
As things turned out, however, the Rockets weren’t done shocking hoops circles. Yesterday, they had Chief Executive Officer Tad Brown, not normally seen outside his offices, face the cameras and announce owner Leslie Alexander’s decision to let go of the franchise. There are no takers yet, he disclosed, and the sale will not be rushed. “We’re going to make sure that it’s the right buyer,” he said. “Leslie has the latitude of time, based on our resources, and his resources, and everything associated with the team right now.”
All the same, you’re not alone in thinking something’s wrong with the picture. Nothing in the Rockets’ frenzied activity over the last two and a half weeks suggested that Alexander, one of the most hands-on owners in the business, was — as Brown offered up to explain the news — “tired… and decided it was time for him to make another change in his life.” Somehow, the notion of going all in on a superstar splurge and then stepping aside doesn’t jibe with his extremely engaged and competitive character. It also doesn’t make business sense to go for nine-figure paychecks, only to dump them on the lap of the prospective holder/s of the purse strings; needless to say, the inherent value of assets is depressed by last-minute ballooning of obligations.
Granted, the Rockets have a compelling product that can hang with the best of the league and brings with it the promise of steady revenue streams. And if Steve Ballmer’s acquisition of the Clippers three seasons past is any indication, Alexander stands to cash in for more than the $1.65 billion. Forbes estimated the franchise’s worth to be early this year. Not a bad return on an investment he bought for $ 85 million in 1993. Then again, those awash with greenbacks don’t go into sports for tangible profit; they enter the scene, and then linger, for psychic income.
It is said that success spoils, and, boy, was Alexander spoiled, winning championships in his first two years at the helm. He then spurred the NBA’s global expansion with his embrace of cultural phenomenon Yao Ming and, by extension, China, the biggest market of all. Having already been there and done that, he may have figured it was time to exit with the going still good. And, in this regard, the Warriors’ current dominance and challenge for the rest to keep up with them — which Morey appropriated labeled as a “weapons race” — doesn’t help.
In any case, Alexander’s impending departure will be felt greatly. If the turn of events has come as a shock both within and outside the organization, it’s precisely because he epitomizes all that is good with owners; he lends his support unrelentingly and visibly, but not to the point of conceit. Which is why the Rockets’ excitement has turned to uncertainty. For them, it’s the best of times, and it’s the worst of times.