Restaurant mogul Tilman Fertitta has reached agreement to purchase the Houston Rockets from Leslie Alexander for $2.2 billion (A$2.75b), an NBA record, with a formal announcement expected this week.
Fertitta is a local restaurant mogul and one of many celebrity-status investors who made an offer for the franchise.
The 73-year-old Alexander bought the franchise for $85 million in 1993. Forbes valued the franchise in February at $1.65 billion - eighth-most valuable in the league - with revenue of $244 million.
"It's been my great joy and honor to own the Houston Rockets for the past 24 years," Alexander said in a statement Monday.
"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."
Alexander had immediate success as an owner as the Rockets won NBA titles over the New York Knicks in 1994 and the Orlando Magic in 1995 behind the play of Hakeem Olajuwon.
NBA commissioner Adam Silver released a statement regarding Alexander's desire to sell the franchise.
"Leslie Alexander is a true competitor who always searched for the right move to make his teams better, Silver said.
"Under his ownership, he created a culture of excellence with strong management that attracted Hall of Famers, All-Stars and coaching giants and brought two NBA championships and four WNBA titles to Houston.
"Well-respected around the league, he has been an active and influential owner whose vision helped to grow the game globally, especially in China."
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