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.
“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.
Via Craines Detroit
Former Palace Sports & Entertainment President Tom Wilson will be introduced at noon today as the newest executive with Detroit’s Ilitch Holdings Inc.
The press conference, announced by the Ilitch organization, will be held at MotorCity Casino, which is owned by Marian Ilitch. Ilitch Holdings President and CEO Chris Ilitch will introduce Wilson, who resigned as president of Auburn Hills-based PS&E last week. Tom Pyden, vice president of corporate communications for Ilitch Holdings, confirmed he will be introduced today.
….It’s unknown if the Ilitches are interested in buying the Pistons and the Palace.
Great move for Ilitch and glad to see Tom stay in the Detroit Metro Area. It’s a win-win.
Presser at 1pm.