Detroit Pistons Owner To Sell Team To Mike Ilitch
Interesting news today coming from Crain's Detroit, where they are reporting that the Pistons will be sold to Mike Ilitch. The Red Wings and Tigers boss, now reportedly would grab three of the four major pro sports teams in town and you have to figure that this signals the end of the NBA team in town playing in Auburn Hills. Ilitch has had a vision of building a new downtown arena, and now, if this report is true, he has all the cards stacked in his favor to get that done. Crain's reports that negotiations continue and that the sale price for the team is not yet known. A source tells me that plans have been in place for a long time for the Red Wings to play at the Palace at some point, and now that same source is telling me "I told you so".
I am stunned. I have covered the Pistons and Palace Sports and Entertainment on a regular basis for the last nine years. Knowing what I do about the company and about the past, I never thought that Karen Davidson would sell the team to Ilitch. I found it very admirable that Ilitch came forward to try to "save the team from leaving the city" as he put it, I just never thought he would be chosen as the next owner. There is a long history between the two organizations, a lot of it hostile too, yet, it appears that does not matter in this case. Mrs Davidson wants to sell the team, she prefers it stays in town, and it looks like Illitch is the best fit. How ironic that Tom Wilson, who just recently left Palace Sports and Entertainment, will now be back with the Pistons, again, if this report is true. It has been widely reported that some Ilitch Holdings employees who used to work at 6 Championship Drive have been sued by the Palace for breach of confidentiality. I have spoken to numerous employees on both sides over the last few months, and many of them told me they never thought this sale would occur, based on a lot of this history. But, if there is anyone that can bring some feuding sides together and make this marriage work, it is Wilson. Ilitch, for years, has needed somebody at the top to push the right buttons and make the company more professional and more attractive to its fans and sponsors. Mrs. D wants this thing done, she has said so recently, and now it appears that it is going to be done in the next 30 days. Money talks.
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.
Those involved have declined to comment.
