The value of NBA teams has been steadily rising, and Leslie Alexander may be in line to cash out.
We were all curious about what the special announcement at 2 PM on Monday was all about, and Houston Rockets CEO Tad Brown gave us an answer.
Team owner Leslie Alexander is putting the Rockets up for sell. The past few months have been a happy time for Rockets fans, and this news definitely caught us off guard.
But if you think about it, this isn’t a bad time to sell.
The Rockets have recently added Chris Paul, P.J. Tucker and Luc Mbah a Moute to a 55-win team. not to mention that James Harden just recently signed a record four-year extension. There have also been rumblings that Carmelo Anthony could be on his way to Houston in the past few months. With the salary cap expected to climb higher and higher in the coming years, the valuations of NBA teams is ascending along with it.
Rockets just extended GM Daryl Morey, G James Harden and just added G Chris Paul to the mix. Hot time for this team.
— Jenny Dial Creech (@jennydialcreech) July 17, 2017
Alexander, who is 72 years old, said that he wasn’t selling the team because of health issues. Instead he said that he had other passions and was looking towards changing the “fabric of his life.”
Tad Brown said "it can wear on you after so many decades. There are passions in his life." Cited philanthropic efforts, family.
— Jonathan Feigen (@Jonathan_Feigen) July 17, 2017
Leslie’s investment in the Houston Rockets has paid off
Leslie Alexander purchased the Houston Rockets for a mere $85 million in 1993. Steve Ballmer was the last person to purchase an NBA team when he bough the Clippers way back in 2012 for $2 billion. Forbes currently values the Rockets at $1.65 billion, but I wouldn’t be surprised to see the Rockets sell for close to $2 billion with all of the excitement surrounding the team.
Les Alexander bought the Rockets for $85 million in 1993. They won championships the next two years. Team is now valued at $1.6-$2 billion.
— Jerome Solomon (@JeromeSolomon) July 17, 2017
Also, Tad Brown said that Alexander will find a buyer who will keep the Rockets in Houston.
The good news is the front office, coaching staff and players should not be affected by the Rockets being put up for sale. The usual basketball activities of the offseason should proceed without a hitch.
Ok. Passing around a collection plate to buy the Rockets. I have $20 on it.
— patrick (@PatDStat) July 17, 2017
Leslie Alexander has done an excellent job of leading the Houston Rockets over the past 24 years, with two championships under his belt. With the way Houston’s roster in shaping into form, we may have a third championship banner to hang up sooner than later.