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Reports: Les Alexander putting Houston Rockets up for sale

Photo by Sue Ogrocki/Associated Press

Longtime Houston Rockets owner Les Alexander is selling the team after owning it for nearly a quarter century, multiple media outlets in Houston are reporting.

Rockets CEO Tad Brown made the announcement Monday.

Alexander bought the Rockets before the 1993-94 season for $85 million, according to the Houston Chronicle.

That was the first year of the team's back-to-back NBA championships.

Forbes recently valued the franchise at more than $500 million.

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