AP News, January 31st, 2007
Furniture dealer Hilton Koch bought the Houston Comets, making the four-time WNBA champions the league's fifth independently owned franchise.
The WNBA Board of Governors approved the sale Wednesday.
The Comets were previously owned by Leslie Alexander, who also owns the NBA's Houston Rockets. Alexander sold the WNBA franchise so he could focus solely on the Rockets, said Rockets CEO Tad Brown.
"It was a difficult decision for him," Brown said. "But Mr. Alexander has had an opportunity to talk about the future and how proud he is for what he's about to undertake."
Alexander did not attend Wednesday's announcement.
Brown would not disclose how much Koch paid for the franchise. In December, the Los Angeles Sparks were sold for $10 million.
Koch, who owns the Houston-based Hilton Furniture chain, is a season ticket holder. Brown gave Koch a ring from the Comets' 2000 championship season as he introduced him.
"This is a once-in-a-lifetime opportunity and I plan to take full advantage of it," Koch said. "The No. 1 reason for me to be involved with the WNBA and the Houston Comets is to give back to the community."
The Comets must find a new coach after Van Chancellor resigned Jan. 3. Chancellor coached the Comets since the league launched in 1997 and Houston won the first of four championships.
Led by Cynthia Cooper, Sheryl Swoopes and Tina Thompson, the Comets went 98-24 in their first four seasons. Cooper was selected the league's most valuable player in 1997 and '98 and Swoopes was the MVP in 2000. Both attended Wednesday's announcement.
The Comets only missed the playoffs in 2004 and are 50-52 in their last three seasons.
