[Feigen] "[Rockets sale] is going to set the record" >$2b per Experts "Individual buyer"

I highly recommend reading the whole article. Feigen did a thorough jobs of interviewing a lot of sports business experts, involved in these franchise purchases before. Lot of interesting stuff on how these sales go down (e.g., how "top five to seven sports investment bankers align with potential buyers").

Rockets' potential $2 billion price tag testament to owner's stewardship

By Jonathan Feigen
July 25, 2017

My comments/summary

• They seem to say expect a sole, individual buyer out of a dozen serious offers.
  
  
• Experts that Feigen interviewed for this report are those actually involved in sports franchise purchases in the past.
  
  
• Also explains how Les/Rockets is viewed as a great buy "with unusual combination of attritbutes", partly because Les is the sole owner, and doesn't have investment banks or other partners involved. Plus, "squeaky clean books", profitable, arena, lease, China connection etc, and not a distressed seller at all.
  
  
• Says, expect 100s of interested parties winnowing it down a dozen serious offers, then 4-6 finalists....and to expect a sole-owner purchase.

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The Rockets, several said, are an unusually hot commodity and, when Leslie Alexander, 73, finally sells the team he has owned for 24 years, it likely will go for a price unmatched in NBA history.

"They're going to set the record," said Marc Ganis, a sports business adviser who has been involved in sales of franchises in several sports. "Leslie Alexander's timing is brilliant. He sees this is a high-water time for the NBA. This will sell at a number that begins with a two.

"The team will sell for more than any ever has because Leslie Alexander is the one selling and the way his business is run. The books are squeaky clean. He doesn't have to answer to anyone. This is in no way a distressed property so he can sell or keep the team on his timetable. He can do a creative deal, and he's incredibly smart at this stuff."
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The experts all agree that Brown will know relatively quickly - by the end of August, one said - who can be considered a serious candidate. He likely will winnow more than 100 showing interest to 10 to 12 potential buyers. Those willing to remain in the process at that point assume extensive costs of time and expense - legal and banking fees can run into millions - and will have decided to compete to win, rather than shop, with teams usually choosing three to five finalists.
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Individual Buyer?​

There is even more certainty that the eventual buyer of the Rockets will be an individual capable of purchasing the team on their own, rather than needing to put together a group. But there could be a group involved to put a familiar face on the effort, such as Grant Hill's involvement with the Hawks' ownership group led by Tony Ressler. An individual also could seek partners to lighten the financial load. But each industry expert interviewed said a sale this large almost certainly will go to an individual with the means to buy the team without having to seek financial help.

Each expert said the names of the most serious candidates will not surface early in the process with publicity generally viewed as anathema to those willing to make 10-figure purchases.
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"In the end, every sale is different," one of the industry experts said. "But this one checks all the boxes. Usually, some of the circumstances leading to a sale are bad. That's not the case here. There is the building, the market, the revenue potential. Some of it is unpredictable with these (sales). A lot of people will be watching."
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Those quotes by Morey, "Hands off owners are bad." really does deserve its own thread. That would be 5 pages at least.