Team CEO Tad Brown made the announcement Monday that the team is for sale, saying owner Leslie Alexander wants to "(change) the fabric of his life."
According to Brown, Alexander said owning a team "can wear on you after so many decades" and that he wants to focus on his philanthropy work and family.
"There are passions in his life," Brown said. He was also quick to clarify there are no health issues with Alexander.
Alexander bought the team for $85 million in 1993. According to a Forbes estimate, the Rockets are now worth roughly $1.65 billion.
Although Alexander mentioned selling the team in the past, Brown said his final decision was a surprise. Since the team management is already secure, Brown said there wasn't a deadline to sell the team.
The Rockets have already made huge moves this offseason, signing James Harden to the largest contract extension in NBA history and trading for Chris Paul.
The team also signed general manager Daryl Morey to an extension.