George Postolos, president and chief executive officer of the Houston Rockets, is resigning to form a company to help groups with the acquisition of sports franchises.

"It's an exciting time," Postolos said in a story for Tuesday's Houston Chronicle.

"I've been here eight seasons. It's time for the next challenge," Postolos said. "I'm ready for the next challenge to do the kinds of things we've done here, but to find another situation to do that on the principal side of the business."

Postolos planned to announce his decision Tuesday. He said his resignation would be effective June 30.