The Houston Rockets have been put up for sale by owner Leslie Alexander.
The Rockets won back-to-back NBA championships after Alexander assumed control in July 1993, but CEO Tad Brown revealed on Monday the owner wants to change "the fabric of his life".
"It's been my great joy and honour to own the Houston Rockets for the past 24 years," said Alexander in a statement.
"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.
"And the Houston community has been home to me; I will continue to support the charities I have made commitments to throughout the years. I'll always have a special place in my heart for the fans, partners, city officials and employees who care so deeply for this team.
"I've made this decision after much deliberation with my family and friends, and do so knowing the franchise is in great shape with the players, coaches and management team in place. CEO Tad Brown will oversee the sales process with the league office, supported by my management team."
Alexander bought the team for $85million and, according to a Forbes estimate, the Rockets are now worth roughly $1.65billion.
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.