The owner of the Detroit Pistons and Auburn Hills-based Palace Sports & Entertainment Inc. has chosen to open negotiations to sell the basketball team and venue management company to Detroit pizza and sports industrialist Mike Ilitch, Crain’s has learned.
It’s believed that a deal will be worked out in the next 30 days.
Any sale of the Pistons will require a vote by the National Basketball Association’s other team owners.
It’s unknown how much Ilitch might pay for the team and PS&E, and a final purchase price is likely still not set. Crain’s reported in September that bids were submitted around Labor Day. This Via Crains Detroit
I honestly was very skeptical when the news was that Ilitch was trying to buy the team. I know of bad blood between the the Red Wings and the Pistons in years past, so it was hard to believe that anyone in the Davidson family to hand the team over to Mike.
What makes me, and most Pistons fans happy is that Karen Davidson is putting the bast behind her and selling the team to a man who will do right by them and keep them in Motown where they belong. I’m not sure what Mr. D would think, but if history repeats itself when it comes to Mike Ilitch, he will represent this team with the utmost pride and respect.
Welcome back to the D…we were worried there for a while. And a special welcome back to Tom Wilson.
{ 10 comments… read them below or add one }
Business is business. She wants to get the deal done.
At least the Pistons stay in Detroit.
Lost in all this is Tom Wilson, I LIKE!
Not what I was hoping for, but you really can’t complain. I am just glad that this will all be over soon.
im gonna buy a little c’s pizza today to show a sign of gratitude for keeping it in motown.
can someone wiser in the ways of business explain why the other teams have to vote on the sale? what business is it of theirs?
im not too happy the pistons are going to be moved. i live close enough now to go watch them. oh well
its cool tom wilson is coming back. he was great as palace sports and entertainment guy. I remember a couple seasons ago in the playoffs that we were on national tv and they had the intros with the fireworks the big drumline etc etc and the announcers for tv i think it was marv albert or the guy who works with hubie brown said “THAT WAS ENTERTAINING” haha
Because all the teams (franchises) and potential owners have and will sign off on the NBA Constitution which calls for a league vote on all changes of ownership of the franchises. Don’t like it don’t buy a team.
We don’t need to worry about it American Prince; we aren’t going to be buying a team anytime soon LOL! I’m just glad this process is over. The side effects won’t be fully felt for a couple of seasons, but it is a start.
I guess this means the Illichopoly builds yet another big stadium in the city. A place with crumbling schools and police depts that is occupied with knocking down sports arenas and casinos to build new sports arenas and casinos.
That said, the Pistons in the city again would finally make getting to a game after work a realistic proposition for downriver fans.
thanks JD
james how do you know im not a secret multibillionaire? haha maybe i invented shoelaces or something and am filthy rich