The rise in N.B.A. franchise values is fueled in part by the explosion of television money. Three years ago, the N.B.A. signed a nine-year, $24 billion broadcast agreement with ESPN and Turner Sports. With an annual value of $2.66 billion, the deal nearly tripled the league’s annual revenue from its previous agreement, signed in 2007 — and that did not even account for each team’s separate, local television deal.

TV ratings for the last three N.B.A. Finals, all of which featured the Golden State Warriors and the Cleveland Cavaliers, have been the highest since Michael Jordan was winning championships in the 1990s. The N.B.A. set an attendance record last season, for the third straight year, and is making inroads internationally.

There are also the factors of scarcity and novelty. Any billionaire can buy a Los Angeles mansion or a private plane, but only 30 of them can own an N.B.A. team. Sitting courtside watching your own team compete, conversing with some of the most popular athletes in the world who are your employees, is priceless for some, and is a commodity rarely up for sale.

The Rockets are one of the league’s best and most well-run franchises. Last season, the team ran a frenetic and entertaining offense under Coach Mike D’Antoni, finishing with a 55-27 record while obliterating league records for most 3-pointers made and attempted in a season.

They made their fifth straight trip to the playoffs and advanced to the conference semifinals before losing to the San Antonio Spurs in seven games. D’Antoni, in his first season with the team, was the N.B.A.’s Coach of the Year, and guard James Harden finished second in voting for the Most Valuable Player Award.

Still, the Warriors came away with their second championship in the last three seasons, and chasing them might seem like a hopeless task for the rest of the league. But the Rockets have been aggressive this summer in a hectic off-season for the N.B.A. Last month, they acquired Chris Paul, one of the league’s top point guards, in a blockbuster trade with the Clippers. His addition is expected to give Houston one of the top backcourt tandems in the league next season.

The Rockets might not be done augmenting their roster, either. They have been pursuing the Knicks’ Carmelo Anthony in a potential multiteam deal. Anthony, a 10-time All-Star, has a no-trade clause in his contract with the Knicks, but he is believed to be willing to waive it if the Knicks can work out a trade that would send him to Houston.