Rockets owner Alexander selling team

The Houston Rockets are up for sale, team president Tad Brown announced Monday afternoon.

No exact time to close a sale was mentioned, though Brown did note "sooner than later" as a vague point of reference, according to The Houston Chronicle's Jonathan Feign.

"It’s been my great joy and honor to own the Houston Rockets for the past 24 years," said current owner Leslie Alexander 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."

Though Brown handled the official press conference, he cited Alexander's desire to pursue philanthropic interests and focus on his family as partial reasons for the decision.

"It can wear on you after so many decades," Brown said.

Brown furthered that Alexander has been approached about selling the team over time, but is now "changing the fabric of his life," per Feigen. Concerning health issues, though, were ruled out as a potential motive.

Alexander - who is in his early 70s - bought the Rockets in 1993 for $85 million. Forbes recently valued the franchise at $1.6 billion.

Two recent NBA franchise sales included the Los Angeles Clippers being bought by Steve Ballmer for $2 billion, and the Milwaukee Bucks being sold to hedge-fund managers for $550 million.