Postolos plans to leave Rockets Team president and CEO to form his own company By JONATHAN FEIGEN Copyright 2006 Houston Chronicle Rockets president and CEO George Postolos confirmed Monday he will announce today he is leaving the Rockets to put together a company to help groups invest in sports franchises. Postolos, who guided the Rockets through the move to the Toyota Center and Houston through its role in hosting the 2006 NBA All-Star Weekend, said his resignation will be effective June 30. In Postolos' 7 1/2 years with the Rockets, the value of the franchise grew from $166 million to $422 million, third in the NBA behind only the New York Knicks and Los Angeles Lakers, according to Forbes Magazine. The team's television partnership with the Astros and deal with the Fox Sports Network, plus the new arena, have helped drive up the value of the franchise. Ready for next challenge "It's an exciting time," said Postolos, 42. "I haven't talked about this. I've been here eight seasons. It's time for the next challenge. I think we've accomplished some great things, and the organization is very well-situated for the future. I'm ready for the next challenge to do the kinds of things we've done here, but to find another situation to do that ... on the principal side of the business. "I see a need as I look at sports where there are people that want to get into the business but don't know how to get into the industry, people who have had great success and can financially get a team. I'm in a situation I think where I could help them acquire a team or evaluate different team opportunities." Rockets owner Leslie Alexander said he had not reached a decision about a successor or even if the Rockets' leadership would be structured as it has been. Undecided on successor "He had a long tenure," Alexander said. "Everybody has an entrepreneurial spirit. I know I did. And he's done fantastic things for the Rockets. We have one of the best TV deals in the NBA. He led us through the turbulent times with the arena referendums. I think he wants to make his mark with his own company." Postolos plans to form "The Postolos Group" to help with the acquisition of sports franchises, but added that he would be interested in being part of an investment group. NBA commissioner David Stern said he expects "without a doubt" that Postolos would eventually own a NBA team and become his boss. "He has enormous expertise on everything that is needed to run a team — marketing, sales, venue construction and (building a) regional sports network," Stern said. "I know him to be a person of tremendous integrity and work ethic. It would not surprise me to have him looking at other opportunities in our league. I think he brings an enormous skill set and has done a tremendous job there." Postolos, who moved to the Rockets in October 1998, has been interested in sports business since he was a teenager. "I've been approached by a private equity firm representing different people interested in different opportunities and potentially in investing in a professional sports franchise," Postolos said. "I could be part of a group that owns a team. That could be attractive. That has always been a goal of mine. It's not an easy thing to make happen." jonathan.feigen@chron.com http://chron.com/disp/story.mpl/sports/3913845.html
I've heard what Postolos has planned (more specifically then mentioned in the article) - it is pretty interesting. You could probably take his comments in the article with the current state of team ownership and see what will likely happen.
Interesting, though we don't really see what tangible effects Postolos has on the team itself. I'm surprised to learn he's as young as he is. That means he was 34 when he started?
yeah, he's a very successful man. I never liked, something about him always irked me, like he was les's henchman. but you can't argue with the results. the rockets gained a lot of political capital in town with winning championships and they were able to spin it into the toyota center, something postolos was out in front on.
I knew Postolos very slightly from high school debate and, if I remember correctly, Boys State. Smart guy.
I always thought it was funny that CFO was basically the spokesman for the franchise as a whole as opposed to the general manager, or les himself.
You should. He's the true leader behind the Rockets in terms of business and also has a helping hand in organizational decisions such as marketing and players and what not... It's weird to see the leadership of this franchise changed within the next year or so...first, Dawson is stepping down, and now Postolos...Both made significant contributions that really put the Rockets and Houston on the sporting map...
