The Houston Rockets are up for sale

After over two decades as owner, Leslie Alexander is selling the Houston Rockets.

Rockets CEO Tad Brown announced Monday that owner Leslie Alexander has put the Houston Rockets up for sale. The announcement has taken the NBA world by storm as one of the league’s best teams is now on the market. Alexander, a businessman and attorney, has owned the team since 1993.

Brown said Alexander’s family, age and other interests played a part in his decision. Additionally, Brown announced that he will work with the league and lead the search for a new owner. According to Brown, Alexander will find an owner committed to keeping the team in Houston.

Alexander purchased the Rockets before the 1993-94 season for $85 million. Two championships immediately followed Alexander’s purchase of the team. Two trophies and many successful seasons later, the team is valued at over $1.5 billion according to Forbes. The Rockets are the NBA’s eighth most profitable franchise.

The Rockets are coming off a 55-27 season in which they reached the Western Conference semifinals. Houston has had a busy offseason thus far and is still looking to conduct business to build a championship-caliber squad. GM Daryl Morey stunned the NBA late last month when the Rockets traded for superstar Chris Paul.

In addition to acquiring Paul from the Clippers, the Rockets agreed to a long-term extension with James Harden. Harden signed a $228 million extension to remain with the team through the 2022-23 season, the largest extension in league history. Morey and his staff remain determined on bringing Carmelo Anthony to Houston in order to compete with the Warriors.

Next: Carmelo to Rockets likely

Until a new owner has been found, the future of many Rockets executives hangs in the balance. However unlikely to be let go, the future of CEO Tad Brown, GM Daryl Morey and others remains uncertain.