Dream of being in an NBA team? Why not buy one?
The team’s CEO, Tad Brown, announced on Monday that The Houston Rockets is for sale. Fans of the sport are now guessing how much the Rockets will ultimately sell for, but it will surely be not cheap. Forbes estimates that the Rockets are the N.B.A.’s eighth-most valuable franchise and calculates they are worth $1.65 billion, (around Php82.5 billion).
Brown said there’s no timetable for the team’s sale, but that they would not rush the process.
Meanwhile, the team’s owner, Leslie Alexander, said in a statement: “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 bought the Rockets more than two decades ago for $85 million. He is an investor of various businesses, but buying the Rockets may have been his savviest investment of all. He won back-to-back championships in 1994 and 1995 in his first two seasons as team owner.
There are also the factors of scarcity and novelty. Any billionaire can buy a Los Angeles mansion or a private plane, but only 30 of them can own an N.B.A. team. Sitting courtside watching your own team compete, conversing with some of the most popular athletes in the world who are your employees, is priceless for some, and is a commodity rarely up for sale.
The Rockets is one of the league’s best and most well-run franchises. Last season, the team ran a powerful performance, finishing with a 55-27 record. The team made their fifth straight trip to the playoffs and advanced to the conference semifinals before losing to the San Antonio Spurs in seven games.
Rockets Coach D’Antoni, in his first season with the team, was the N.B.A.’s Coach of the Year, and superstar James Harden finished second in voting for the Most Valuable Player (MVP) Award with his 29.1 points, a league-best 11.2 assists, and 8.1 rebounds per game.
More than a week ago, James Harden just agreed with Houston Rockets on a four-year contract extension which reportedly is the richest in NBA history. The contracts guarantees Harden $228 million through the 2022-23 season.
This Just In: Houston Rockets owner Leslie Alexander has put the team up for sale after 24 years of ownership. https://t.co/FpQ0hTRiEF
— SportsCenter (@SportsCenter) July 17, 2017