Leslie Alexander (businessman)

Last updated

Leslie Alexander
Born
Leslie Lee Alexander

(1943-06-30) June 30, 1943 (age 81)
New York City, U.S. [1]
Education New York University (BS)
Thomas Jefferson School of Law (JD)
Occupation(s)Businessman
Investor
Attorney
Known forFormer owner of the Houston Rockets
Political party Democratic
SpouseNanci Shnapier (divorced)
Children1

Leslie Lee Alexander [1] (born June 30, 1943) [1] is an American attorney, businessman and financier. He is a former bond trader from New Jersey. He formerly owned the National Basketball Association (NBA) team Houston Rockets for 24 years, from 1993 to 2017. [2]

Contents

Early life

He was born in 1943, to a Jewish family in New York City. In 1965, he graduated from New York University with a bachelor's degree in economics. He dropped out of Brooklyn Law School after the death of his father, when he began working to support his mother. [3] He later earned his juris doctor from the San Diego campus of Western State University College of Law, now known as Thomas Jefferson School of Law. [4] [5]

Career

Alexander began his career as an attorney. From 1978 to 2009, he was a member of the California State Bar. [6] His first job was trading options and bonds for the Wall Street firm, Lawrence Kotkin Associates. In 1980, he left to form his own investment company, The Alexander Group. As of 2008 he also owned an 18.5% stake in First Marblehead, a private student loan company. [7]

In the July before the 1993-94 NBA season, Alexander bought the Houston Rockets for $85 million. The Rockets won the NBA championship the next two years: one in the '93-94 season and another in the '94-95 season. [8] In 2008, he was listed by Forbes magazine as the best owner in the NBA. [9]

In 1998, Alexander attempted to purchase and relocate the National Hockey League's Edmonton Oilers franchise, but a grassroots bid by local businessmen successfully prevented the sale. [10]

From 1997 until early 2007, Alexander was the owner of the WNBA's Houston Comets. The Comets won the league's first 4 WNBA championships from 1997 to 2000. He sold the team to Hilton Koch in January 2007, one year before The Comets folded. [11]

Leslie Alexander launched a joint-venture with the Chinese businessman Kenneth Huang (founder of Sportscorp in China), which invests in many companies in Asia. [12] In 2006, a group of investors led by Kenneth Huang bought a minority share in the Rockets from Leslie Alexander. [13]

On July 17, 2017, it was announced that the Rockets were for sale. [14] On September 5, 2017, he reached an agreement to sell the Rockets to fellow Texas businessman Tilman Fertitta, pending league approval, for a worldwide professional sports record of $2.2 billion. [15] Before his departure, Alexander gave the Rockets' General Manager, Daryl Morey, a new contract and extended player James Harden's contract with a record-breaking $228 million, 4-year deal that will last until the end of the 2022-23 NBA season. [2] [16] He also retained the two Larry O'Brien Championship Trophies won by the team in 1993–94 and 1994–95 as mementos of his ownership, and the team commissioned replica trophy replacements for the team upon its sale. [17]

Real estate

He owns a vineyard on Long Island and the related company Leslie Wine, launched in 2008. He also has a residence in Houston. [4]

In March 2019, he put up for sale a $3.7 million French manor-style house in Houston. [18]

Personal life

Alexander divorced his wife Nanci (née Shnapier) in 2003, paying a $150 million settlement. [19] They have one child and two grandchildren.

Alexander was raised Jewish but identifies as Agnostic. [20] He is a supporter of the Democratic Party and has donated $15,000 in the past 20 years to Democratic candidates. [21] He purchased the duplex penthouse of 18 Gramercy Park in 2012, reportedly for $42 million. [22]

Forbes estimated Alexander's net worth was approximately $1.9 billion in 2024, placing him at #1710 on the magazine's list of richest people in the United States. [3]

On March 27, 2017, Alexander pledged $10 million to 20 Houston charities, including the Houston Area Women's Center, Houston Public Library Foundation, Healthcare for the Homeless – Houston, and Citizens for Animal Protection. [23] He also pledged $10 million in relief efforts in wake of Hurricane Harvey, which ravaged the city in August 2017. [24]

Alexander is a supporter of the Hampton Bays center which aims to rescue animals. [25] [26]

In 1998, he and his now ex-wife, Nanci Shnapier, were recognized as the largest individual donors to the People for the Ethical Treatment of Animals (PETA). [27] He also supports a horse sanctuary in Middleburg, Virginia. [3]

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References

  1. 1 2 3 Who's Who, Marquis (December 2004). Who's Who In The South And Southwest 2005 (who's Who In The South & Southwest). Marquis Who's Who. ISBN   9780837908359.
  2. 1 2 Blinebury, Fran. "After 24 years, Houston Rockets owner Leslie Alexander selling team". NBA.com. Retrieved July 13, 2018.
  3. 1 2 3 "Leslie Alexander". Forbes. Retrieved April 5, 2024.
  4. 1 2 Rockets: Leslie Alexander Biography, nba.com. Accessed June 4, 2024.
  5. ↑ Leslie L. Alexander Archived 2011-08-19 at the Wayback Machine (Houston Comets)
  6. ↑ "Leslie Lee Alexander - #79581". State Bar of California. Retrieved June 27, 2011.
  7. ↑ Tamman, Mark Maremont, John Hechinger and Maurice (November 20, 2008). "Before the Bust, These CEOs Took Money Off the Table". Wall Street Journal. ISSN   0099-9660 . Retrieved September 14, 2020.{{cite news}}: CS1 maint: multiple names: authors list (link)
  8. ↑ NBA.com (February 2, 2018). "Former Houston Rockets owner Leslie Alexander kept title trophies after selling team | NBA.com". Around the League. Retrieved July 13, 2018.
  9. ↑ Riper, Tom Van. "The NBA's Best Owners". Forbes. Retrieved September 14, 2020.
  10. ↑ "Oilers Deal Collapses". Orlando Sentinel. November 5, 1997.
  11. ↑ WNBA disbands women's pro basketball team in Houston, Reuters.com. Accessed June 4, 2024.
  12. ↑ Tania Branigan, Kenneth Huang's rise from badminton ace to prospective Liverpool owner, Theguardian.com, August 2, 2010. Accessed April 21, 2019.
  13. ↑ David Barboza, Michael S. Schmidt, Cavaliers Sell a Stake to Chinese Investors, nytimes.com, May 25, 2009. Accessed April 21, 2019.
  14. ↑ "Houston Rockets are for sale, team president announces". July 17, 2017.
  15. ↑ "Source: Fertitta buys Rockets for record $2.2B". ESPN.com. Retrieved September 5, 2017.
  16. ↑ "James Harden agrees to extension worth $228 million, NBA's richest". USA TODAY. Retrieved July 13, 2018.
  17. ↑ Feigen, Jonathan (September 20, 2018). "Rockets receive replicas of championship trophies". Houston Chronicle . Retrieved September 21, 2018.
  18. ↑ Jack Flemming, Former Rockets owner Leslie Alexander seeks $3.7 million for Houston home, Latimes.com, March 13, 2019. Accessed April 21, 2019.
  19. ↑ Service, Cox News (September 29, 2006). "Rockets owner's 2003 divorce ordered unsealed". Houston Chronicle. Retrieved September 14, 2020.
  20. ↑ "The 400 Richest Americans: #322 Leslie Alexander". Forbes.com. Retrieved March 30, 2011.
  21. ↑ Christopher Reina, Real GM: "Follow The Money: Political Contributions Of NBA Owners", November 3, 2011.
  22. ↑ Velsey, Kim (October 22, 2012). "18 Gramercy Park Is Having the Best Fall Ever". The New York Observer. Retrieved October 21, 2015.
  23. ↑ "Rockets' Leslie Alexander names charities that will receive parts of $10 million donation". Houston Chronicle. Retrieved August 29, 2017.
  24. ↑ "Rockets owner reportedly ups aid as help grows". ESPN.com. Retrieved November 9, 2017.
  25. ↑ Tim Gannon, Wildlife Rescue Center seeks expansion into Aquebogue, Timesreview.com, March 23, 2019. Accessed April 21, 2019.
  26. ↑ Hampton Bays Wildlife Center Looks To Expand To Aquebogue, 27east.com, March 29, 2019. Accessed April 21, 2019.
  27. ↑ Meet the Animal Rights Movement's Rich Aunt, consumerfreedom.com, October 22, 2009. Accessed April 21, 2019.
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