Leslie Alexander, BS '65
Owner, Houston Rockets
Back in the early 1990s, Les Alexander, then a securities trader, wanted to invest in something that was a good value. He zeroed in on sports franchises, having been a basketball and football fan and having an eye for a good investment. At the time, however, football franchises were exploding in value, beyond his budget. And so it was he bought into basketball – big-time. Alexander purchased the Houston Rockets in 1993.
Owning a team was not even a fantasy in his student days. “I was so broke that it wasn’t something I thought of,” he recalled. “My goal when I was at Stern was to be independent and financially secure.” Alexander majored in economics under the tutelage of “some great professors.”
The Rockets gave Alexander a hearty welcome. In 1994, powered by Hakeem Olajuwon, the Rockets won
their first NBA championship in franchise history. In 1995, they triumphed again, the first sixth-place seed in NBA history to come out on top.
Alexander remains bullish on the investment he made nearly two decades ago. “I’m unbelievably optimistic” about the future of professional sports franchises, he said. “Content is king in entertainment. The NBA is looking to be on TV in Spain, China, Russia...the whole world is our oyster. We could easily see television revenue double in value in the next 10 to 15 years.”
For would-be owners, however, the barrier to entry has risen steeply since he invested. “It would be hard to do the same thing over again due to the prices,” he acknowledged. “I think teams will actually double in value in the next decade or so.”
Owning a team was not even a fantasy in his student days. “I was so broke that it wasn’t something I thought of,” he recalled. “My goal when I was at Stern was to be independent and financially secure.” Alexander majored in economics under the tutelage of “some great professors.”
The Rockets gave Alexander a hearty welcome. In 1994, powered by Hakeem Olajuwon, the Rockets won
their first NBA championship in franchise history. In 1995, they triumphed again, the first sixth-place seed in NBA history to come out on top.
Alexander remains bullish on the investment he made nearly two decades ago. “I’m unbelievably optimistic” about the future of professional sports franchises, he said. “Content is king in entertainment. The NBA is looking to be on TV in Spain, China, Russia...the whole world is our oyster. We could easily see television revenue double in value in the next 10 to 15 years.”
For would-be owners, however, the barrier to entry has risen steeply since he invested. “It would be hard to do the same thing over again due to the prices,” he acknowledged. “I think teams will actually double in value in the next decade or so.”