Rockets owner Alexander selling team

HOUSTON — The Houston Rockets are going up for sale.

Rockets CEO Tad Brown made the announcement Monday, hours after owner Leslie Alexander made the decision.

“It’s been my great joy and honor to own the Houston Rockets for the past 24 years,” 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 took over as owner on July 30, 1993, and the Rockets went on to win back-to-back titles in 1994 and 1995 behind the likes of Hakeem Olajuwon and Clyde Drexler. In 24 seasons under Alexander, the Rockets have won 56.9 percent of their games, fifth-highest in the league.

Brown said Alexander, 74, had been approached over the years by potential buyers, but never considered it until very recently.

“I think it’s been something he’s been thinking about a little bit,” Brown said. “It can wear on you after so many decades and he’s tired. There are passions in his life now that are becoming more and more clear. His family, certainly, and his philanthropic efforts, what he’ll be able to do with his additional time and his resources on a global scale is something that he’s very much looking forward to.”

Brown emphasized that Alexander is healthy and his health was not an issue in this decision.

Brown will be working with the league office while the Rockets look for a new owner and there were no plans to hire an outside firm to help. There is no set timetable for the sale, but Brown said they want to find the right buyer and won’t rush things.

Brown would not say how much they expect to get in the sale. Forbes named Houston the eighth-most valuable franchise, worth an estimated $1.65 billion, in its annual valuation of NBA teams in February.

Included in the sale will be Clutch City Sports and Entertainment, which puts on non-basketball shows and concerts at the Toyota Center.