Charlie Thomas

The Houston Rockets' minority owners agreed with majority owner Charlie Thomas to delay the sale of the team for eight days, until the two factions meet in court. The limited partners had wanted a temporary restraining order to block the team's sale to Florida businessman Les Alexander, who has increased his offer from $81 million to $85 million.

The Houston Rockets' minority owners agreed with majority owner Charlie Thomas to delay the sale of the team for eight days, until the two factions meet in court. The limited partners had wanted a temporary restraining order to block the team's sale to Florida businessman Les Alexander, who has increased his offer from $81 million to $85 million.

Houston Rocket owner Charlie Thomas has signed an agreement in principle to sell the NBA franchise to Arkansas broadcast mogul Bob Hernreich and Houston attorney John O'Quinn, according to published reports, for an estimated $80 to $85 million.

Houston Rocket owner Charlie Thomas has signed an agreement in principle to sell the NBA franchise to Arkansas broadcast mogul Bob Hernreich and Houston attorney John O'Quinn, according to published reports, for an estimated $80 to $85 million.

Ray Patterson, Houston Rockets' president, is retiring to concentrate on a joint venture with Charlie Thomas, Rockets' owner, to bring a hockey team to the city. The Rockets did not name a replacement.

E. C. (Ed) Schmidt II, the Houston Rockets' vice president for finance, was named the fourth president in the NBA franchise's history, the team announced today. Schmidt succeeds Ray Patterson, who announced last week that he was retiring to concentrate on a joint venture with Rockets owner Charlie Thomas to bring a hockey team to Houston. Patterson's retirement was effective Saturday.

Houston Rocket owner Charlie Thomas announced Friday he had signed a contract to sell the NBA team to a Florida businessman for an undisclosed amount. The deal, reported to be worth about $80 million, will not be completed until after the Rockets are finished in the playoffs, the team said in a news release. Les Alexander, of Boca Raton, Fla., and Dallas businessman Bill Esping had reportedly made an offer for the franchise and paid the required $100,000 non-refundable deposit.