Leslie Alexander has put the Houston Rockets up for sale in a surprise announcement.
Alexander purchased the Rockets in 1993 for $85 million and the franchise is now valued by Forbes at $1.65 billion.
The Rockets recently signed James Harden and Daryl Morey to extensions.
"It's been my great joy and honor to own the Houston Rockets for the past 24 years," Alexander said in a 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."