HOUSTON -- George Postolos, president and chief executive officer of the Houston Rockets, announced Tuesday he is resigning to form a company to help investment groups acquire sports franchises.
Postolos' resignation will take effect on June 30, ending eight seasons with the Rockets. He's worked in the NBA for a total of 10 years but felt the time was right to move on.
"It's a great time to be out and about, looking for sports properties," Postolos said. "Two years ago, the market didn't look the way it looks today and who knows what it's going to look like in a couple years?
"But I can tell you, right now, it's a very attractive time," he said.
Postolos, 42, played key roles in raising funds for the construction of the Toyota Center and in forging the Rockets' television partnership with the Houston Astros.
"We've had such a great run here and so many people have played a part in the terrific successes we've had," Postolos said. "It's hard to step away from all the people -- the people who are part of the organization and the city.
"I think we've been very fortunate," he said. "It takes a lot of luck to have the run we've had."
Postolos, a Harvard Law School graduate, previously worked as a special assistant to NBA commissioner David Stern. He was also once an associate at Wachtell, Lipton, Rosen and Katz, a law firm specializing in mergers and acquisitions.
"He has always wanted to own his own business," said Rockets owner Les Alexander. "I am happy for him that his successes with the Rockets have put him in a position to make that happen."
Postolos' new company will be called The Postolos Group. Postolos described its mission as "matching investors with opportunities." He said the market is always expanding.
"The great thing about sports is that it's like beachfront property -- everybody wants some. And the asset price just seems to be improving all the time," he said. "You have people who are very successful, who have a lot of capital, but who haven't participated in sports before.
"I'm in a position to sort of marry up with somebody like that and say, 'Here are some opportunities you can take a look at, that might be an attractive way for you to get into sports and meet your objective.' I've found there's significant interest in that," he said.
Alexander said he hadn't decided on a successor for Postolos or whether the team's leadership would be structured the same way.