In May 1995, several Texas sports teams, including the Houston Rockets, proposed legislation that would dedicate state tax revenue to build new arenas.[6] Although the bill was failed in the Texas House of Representatives,[7][8] Rockets owner Leslie Alexander announced he would continue to study the possibility of constructing a new arena in downtown Houston,[9] saying the 20-year-old Summit arena was too outdated to be profitable.[10] Although the Summit's management said they could renovate the building for a small part of the cost of a new arena,[11] the Rockets began talks with the city of Houston on a possible location for an arena,[12] They also negotiated with Houston Aeros and Summit owner, Chuck Watson, to release them from their contract with the Summit, which ran until 2003.[13]