Currently viewing the tag: "Mike Ilitch"

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

Need4Ceasars

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.

“The Davidson family and its constituents, working together with Palace Sports & Entertainment (“PSE”) management and Citi Private Bank, have instituted a robust process that is well under way,” the release said. “We are extremely pleased at the level of serious interest from multiple potential buyers in purchasing the Pistons and PSE. Via MLive

With the news of Mike Ilitch expressing interest today in buying the Pistons some things need to be said.  While I would love for the Ilitch’s to buy the team and keep them  in the state, I’m skeptical of the timing and the public statement by Ilitch to the media.

Think about it, if you wanted to pursue a business deal, wouldn’t you make the deal behind the scenes first and then notify the media when you knew the deal was in place?

On the Pistons side of things, there has been a major beef between Davidson and Ilitch that’s been public knowledge for years.  And that pesky lawsuit doesn’t help one bit.

Need4Ceasars

Tom Wilson joining forces with Ilitch can’t make the Davidson clan feel good about selling the team to a man who already owns half of the states professional teams.

Yes it’s Caesarland, but how much dough does Ilitch holdings have?  I don’t think enough to successfully sustain a payroll of three major sports teams.

And if I’m Mike Ilitch and my dynasty of a hockey team is playing in that abysmal, beyond outdated arena that sadly bares the name of Joe Louis (he deserves better), I would be ecstatic rolling both of my teams right in the Palace of Auburn Hills.  It sure doesn’t look like the city of Detroit has enough cash to even think about financing a arena befitting of that team.

It’s like being handed the keys to a full furnished penthouse apartment when you live in a slum.  Would you move?

It seems like a perfect fit and a story that will make the headlines.  Ilitch “All Hail Caesar”….

Will it pan out?  I sure hope so.

Call me a pessimist if you will, but I just made you think.

Via The Detroit Free Press:

“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.