ROCKETS OWNER REACHES PACT WITH CITY AND IHL TEAM

          Rockets Owner Les Alexander signed an agreement letter
     Thursday to work with Houston Mayor Bob Lanier and IHL Aeros
     Owner Chuck Watson on a new arena, according to Williams &
     Milling of the HOUSTON CHRONICLE.  If Alexander did not sign
     the letter by today, Lanier "was prepared to negotiate
     solely" with Watson.  Alexander agreed to three of Lanier's
     conditions in the letter -- that the city own the new arena;
     a final deal "will not benefit one franchise more than the
     other"; and that the city "must be guaranteed" long-term
     commitments from the teams.  Alexander "would not agree" to
     Lanier's final condition that an independent contractor
     operate the arena, but suggested the Rockets and Aeros "form
     a joint operating venture."  Many "hurdles" still remain,
     including legislative approval of a financing package and
     approval from Houston voters (HOUSTON CHRONICLE, 4/18).