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Leslie Alexander bought the Houston Rockets for $85 million and is selling the team for $2.2 billion

By Cork Gaines and Anaele Pelisson
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Tilman Fertitta has agreed to purchase the Houston Rockets for a record $2.2 billion, according to Adrian Wojnarowski of ESPN, a record price for a pro sports team, a number that is even more incredible when you consider how much current owner Leslie Alexander paid for the team.

Alexander purchased the Rockets prior to the 1993-94 season for what now feels like a modest $85 million. 

Since Alexander's purchase of the Rockets, the value of the team, according to Forbes, has marginally outpaced the value of the average NBA franchise. However, this purchase price far exceeds the current NBA average value ($1.36 billion) and is well ahead of the $1.6 billion valuation given to the Rockets in the most recent valuations.

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Anaele Pelisson

 

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Cork Gaines
Cork Gaines
Cork was a correspondent for Insider's sports desk.Previously, he was a contributor at MLB Trade Rumors, and he has written for Yahoo Sports, Deadspin, and The Hardball Times. He has authored chapters in three books, including "The Hardball Times 2009 Season Preview." Cork's work has been featured on ESPN's "SportsCenter" and "Mike & Mike," "Any Given Wednesday with Bill Simmons," ESPN.com, BBC, Yahoo, USA Today, Sports Illustrated, Drudge Report, the Washington Post, the Kansas City Star, the Houston Chronicle, and the Dallas Morning News, among others.He is a graduate of the University of Iowa and holds a doctorate from Fordham University.Here is a selection of his work:Under Armour hit the jackpot on its Jordan Spieth betGary Woodland once took his pants off to hit a shot and learned a funny lesson about product endorsementWe tried the alcohol diet Tom Brady put Rob Gronkowski on, and it was a lot harder than we imaginedThe University of Texas spent $7 million remodeling their football locker room and the results are jaw-droppingStephen Curry has replaced LeBron James as the best basketball player in the worldEx-NBA player who made $60 million explains what really happens to your money when you sign an 8-figure contractHere's Michael Jordan's 56,000-square-foot house in Chicago, and why it's still on the market after 6 yearsMayweather beat McGregor with a TKO in the 10th round! Here are the big moments everybody will be talking aboutPerfect conditions at Cowboys-Patriots game helped create incredible picturesWe've been using Alexa in a car for 6 months and it's the best infotainment system we've ever used.
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Anaele Pelisson
Anaële is Business Insider's graphics intern. Orignally from France, she graduated in graphic design and philosophy and moved to New York to earn her Master's Degree in Design at the School of Visual Arts. Since she did, she worked for different graphic design studios. 
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