Leslie Alexander has agreed to sell the Houston Rockets to Houston billionaire Tilman Fertitta.
A deal could be formally announced on Tuesday.
One of Fertitta's competitors to buy the Rockets was another Houston billionaire, Dan Friedkin. Fertitta is the CEO and sole owner of Landry's.
Alexander owned the team for 24 years and the news of his interest in selling earlier this summer came as a surprise locally in Houston and across the NBA.
Daryl Morey was signed to a contract extension with the Rockets in June.