Houston Rockets for sale, team president announces
The Houston Rockets are up for sale, team president and CEO Ted Brown announced on Monday.
Owner Leslie Alexander told reporters that he is not in a rush to sell the team but will focus on finding the right buyer. Alexander bought the team before the 1993-94 season for $85 million. The franchise was valued at $1.65 billion by Forbes but could potentially fetch more than $2 billion. It is estimated that the average NBA franchise's value is about $1.36 billion.
Alexander's decision to sell the Rockets didn't just surprise the rest of the NBA but also people within the franchise, according to ESPN's Adrian Wojnarowski.
In 2014, the Los Angeles Clippers were sold to Steve Ballmer in 2014 for $2 billion. That same year, the Milwaukee Bucks were sold for $550 million to hedge fund partners.
The Rockets recently signed James Harden to the largest contract extension in NBA history. The four-year extension starts in 2019-20 with annual salaries of $37.8 million, $40.8 million, $43.8 million and $46.8 million. It could be worth $228 million through the 2022-23 season.