With the Rockets poised to contend for the Western Conference Title with superstar James Harden now being paired with recently acquired Chris Paul and possibly Carmelo Anthony, the Rockets are the talk of the NBA world.
Alexander bought the team in 1993 for $85 million and the franchise is currently valued at $1.65 billion (Forbes) with revenues of $244 million.
The Rockets won the NBA championships in the 2 first seasons after Alexander bought the franchise.
“It’s been my great joy and honor to own the Houston Rockets for the past 24 years,” Alexander said in an official 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.
“And the Houston community has been home to me; I will continue to support the charities I have made commitments to throughout the years. I’ll always have a special place in my heart for the fans, partners, city officials and employees who care so deeply for this team.
“I’ve made this decision after much deliberation with my family and friends, and do so knowing the franchise is in great shape with the players, coaches and management team in place. CEO Tad Brown will oversee the sales process with the league office, supported by my management team.”
The Rockets may have global appeal thanks in part to the popularity of former Rockets player Yao Ming (China).