Houston News: Reports Suggest that Beyoncé Could Buy the Houston Rockets
August 3rd, 2017
Houston, Texas 8/3/2017
Last month, Tad Brown, Chief Executive Officer of the Houston Rockets announced that owner Leslie Alexander has intentions to sell the franchise. This news was surprising to Houstonians and members of the NBA community, as the Rockets recently traded for Los Angeles Clippers guard Chris Paul and extended their contract with James Harden.
The announcement brings exciting news for Clutch City. According to a report from Scott Soshnick of Bloomberg, native Houstonian Beyoncé Knowles is mulling an investment in the team. It is no secret that Beyoncé is proud of her hometown and her influence could be highly beneficial to the team in many facets. On and off the court, the Rockets have the potential to fill their rosters with superstars recognized locally and globally.
Although Beyoncé has not invested in a sports team before, her husband Jay-Z once held small sake in the New York Nets before selling his share to create RocNation, an agency representing professional athletes. Patrick Rishe wrote in Forbes that he “has every expectation the Houston Rockets bidding process will be quite competitive, thereby driving the sales price to at least $2 billion.” This would make the transfer one of the most expensive for an NBA team in the leagues history. The sale will include Clutch City Sports and Entertainment, which puts on non-basketball shows and concerts at the Toyota Center.
In 1993, Alexander purchased the franchise for $85 million. “It’s been my great joy and honor to own the Houston Rockets for the past 24 years,” said Alexander in an official team release. “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 has been an active member of the Houston community during his time as owner, donating more than $35 million to charities through the Clutch City Foundation he established in 1995.
Because of her schedule and current engagements, it is not likely Beyoncé will be able to purchase the entire franchise. Whoever does end up getting the Rockets may sell “limited partnerships,” allowing the principle investor to receive an ROI without giving up control of the franchise.
Forbes estimates Beyoncé’s net worth to be $350 million, ranking her No. 46 on their list of America’s Richest Self-Made Women. In 2016, she was named the most charitable celebrity by DoSomething.org for her efforts in bringing awareness to causes including Black Lives Matter, the water crisis in Flint, Michigan, and gender equality. In 2017, she ranked second on the Forbes list for the world’s 100 highest-paid entertainers.
If Beyoncé does purchase a share of the Rockets franchise she will be joining a number of celebrities with investments in sports teams, such as Venus and Serena Williams, Jennifer Lopez, Justin Timberlake and Will Ferrell. We are excited to see what’s to come regarding the fate of the Houston Rockets and hope to see Beyoncé at the next half time show.
Story by Priyanka Kasnavia.
About the author: Ms. Kasnavia is a 2017 graduate of Texas Christian University currently working as an Online Marketing Specialist at Simmons and Fletcher, P.C. She plans to attend Law School in the near future.