Sport

The Houston Rockets are for sale, Ted Brown announces

The Houston Rockets are for sale, Ted Brown announces

Purchasing the team for NZ$115 million, Alexander is expected to make quite the profit, with Forbes putting a NZ$2.25 billion valuation on the franchise.

Last month, the team acquired All-Star point guard Chris Paul III as part of a seven-player trade with the Los Angeles Clippers and re-signed its star forward, James Harden, to a contract extension that will pay him a league record $228 million over six years.

Rockets' CEO Tad Brown announced on Monday that owner Leslie Alexander has put the team up for sale.

Jeff Balke, a Houston Matters contributor and sports writer for the Houston Press and Houstonia Magazine, said there's no danger of the Rockets leaving Houston anytime soon. The team made a blockbuster trade on Valentine's Day in 1995 to acquire hometown hero Clyde Drexler, who was a key factor in the second championship.

"It's something he's been thinking about a little bit", Brown said.

EU Takes Tough Line on North Korea Amid Differing Views Within Bloc
A military effort to take out Pyongyang's nuclear forces would risk sparking a wider war including South Korea and Japan . The two countries trade products such as coal and oil, which are particularly valuable for energy-poor North Korea.

According to Mark Berman of Fox 26, the Rockets' front office will take their time in finding a new team owner, saying they want to find the right buyer. There's also a large Chinese-American community in Houston.

He said Alexander was a fantastic owner who made good decisions for the team and will be hard to replace - but he doesn't expect much of a disruption for fans.

Brown will oversee the effort to sell the team in consultation with the league. Last year, Lizhang Jiang, general manager of Shanghai Double-Edged Sports, became the first Chinese owner of an National Basketball Association team when he bought a minority stake in the Minnesota Timberwolves. Alexander said he will continue to support the charities he has made commitments to through the years.

"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", Alexander said. 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.


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