The Houston Rockets are for sale and owner Les Alexander is looking for a potential buyer, the team announced Monday.
During a press conference, CEO Tad Brown said Alexander felt the time was right to sell the team.
“I think he had a real good conversation with his family and close, close friends,” Brown said. “He just decided it was time for him to make another change in his life.”
Alexander purchased the Rockets in 1993 for $85 million. Under Alexander, the Rockets have won two NBA championships.
The Rockets are valued at nearly $1.65 billion, according to Forbes.
In recent weeks, the Rockets have been at the center of trade rumors surrounding New York Knicks star Carmelo Anthony. Just a couple days ago, the team added former Los Angeles Clippers superstar Chris Paul.