“Michael Ilitch said today he wants to buy the Detroit Pistons and move the team to a new arena in downtown Detroit.
The Ilitch bid is for the entire Palace Sports & Entertainment organization, not just for the basketball team itself. If successful, that means that the Ilitches would also own the Palace of Auburn Hills arena, the DTE Energy Music Theatre and other aspects of the Palace network.
In a statement issued this morning, Ilitch said he and his family are committed to building a new arena in downtown even if their bid for the Pistons fails. The new arena would serve as a home for the Red Wings, which continue to play their games at the aging Joe Louis Arena.
“No one should get too excited just yet, because this is the first step in what could be a long process,” the Ilitch statement read. “There is a lot of due diligence to take place, and who even knows if the Pistons would accept any potential future offer.
“But I can tell you that we are serious about this, we’ll be aggressive in the process, and we’re going to take a real hard run at it because it makes sense for our organization.”
The statement added, “Whether or not we end up buying this Piston team, we remain focused on a new arena in the city of Detroit, and that will serve as a great catalyst for future economic development in the city.”
The statement said the Ilitches were formally notifying the Pistons today of their interest in buying the team, a required first step. Negotiations are expected to take several weeks.
If this happens…..Pistons fans can breathe a sign of relief We will even have Tom Wilson back….I feel SWEDEtastic right now.