HOUSTON After several weeks of negotiations, the Houston Dynamo ownership group has turned down an offer from Houston Rockets owner Leslie Alexander to purchase the MLS franchise.

Dynamo president Chris Canetti confirmed the news to KHOU 11 Sports on Saturday afternoon.

(Dynamo) Ownership received an offer and evaluated that offer through negotiations, said Canetti. At the end of the day, ownership concluded that they are not prepared to accept the offer.

Alexander showed interest in buying the Dynamo over the summer, and it seemed like the two sides were making progress. But Canetti says the Dynamo ownership, which consists of the entertainment company AEG and former boxer Oscar De La Hoya, decided the offer presented by Alexander was not enough to convince them to sell.

They (Dynamo ownership) remain committed to owning the Dynamo and BBVA Compass Stadium and continue to strongly believe in their value.

Alexander has owned the Rockets since 1993, winning two NBA championships in 1994 and 1995. It was reported that Alexander was interested in securing the 30-year lease to the BBVA Compass Stadium in addition to the Dynamo.

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