Rockets owner puts team up for sale

Houston Rockets are for sale, team president announces

BREAKING: Les Alexander is selling the Houston Rockets

Brown also says 72-year-old Alexander isn't selling the team because of health issues.

The Houston Rockets are for sale and owner Les Alexander is looking for a potential buyer, the team announced Monday.

The Rockets are one of the NBA's most popular teams in Asia, thanks largely to former All Star Yao Ming, a Chinese national who played for the team. Forbes values the franchise at $1.65 billion - good for eighth in the league - with revenue of $244 million.

Alexander bought the Rockets in 1993 for $85 million.

Alexander has the second-highest win percentage in the National Basketball Association since Alexander took over as owner, second only to the San Antonio Spurs. "It's been my great joy and honor to own the Houston Rockets for the past 24 years", Alexander said in a release.

Although Alexander mentioned selling the team in the past, Brown said his final decision was a surprise. There are passions in his life now that are becoming more and more clear. "I think (Alexander) had a real good conversation with his family and close, close friends", Brown said. "He's going to continue his commitments to the charities that he's supported".

"I think it's been something he's been thinking about a little bit", Brown said. Since the team management is already secure, Brown said there wasn't a deadline to sell the team. He wants the players to know there will be minimal distraction during the search to find a new owner.

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