Report: Mike Ilitch To Buy Detroit Pistons

As soon as it was announced that the Detroit Pistons were for sale, speculation immediately pointed to Mike Ilitch as a potential buyer. Ilitch’s status as owner of the Red Wings and Tigers made him a natural choice, but the defection of former Pistons CEO Tom Wilson to Ilitch Holdings, Inc. further fueled such conjecture.

Other potential buyers were mentioned, with California businessman Tom Gores rumored to be a front-runner for a purchase, but it appears that the initial speculation may have had it right all along.

Crain’s Detroit Business is reporting that current majority owner Karen Davidson and Palace Entertainment has entered negotations with the Ilitch organization for the sale of the Pistons and Palace Sports & Entertainment. The deal is expected to be completed within the next 30 days.

Forbes has the Pistons valued at $475 million. Bill Davidson purchased the team for $8 million back in 1974.

UPDATE: Davidson told the Detroit Free Press that the sale is "progressing very well" and expects a deal done by October 27.

Trending Discussions

X
Log In Sign Up

forgot?
Log In Sign Up

Forgot password?

We'll email you a reset link.

If you signed up using a 3rd party account like Facebook or Twitter, please login with it instead.

Forgot password?

Try another email?

Almost done,

Join SB Nation Detroit

You must be a member of SB Nation Detroit to participate.

We have our own Community Guidelines at SB Nation Detroit. You should read them.

Join SB Nation Detroit

You must be a member of SB Nation Detroit to participate.

We have our own Community Guidelines at SB Nation Detroit. You should read them.

Spinner.vc97ec6e

Authenticating

Great!

Choose an available username to complete sign up.

In order to provide our users with a better overall experience, we ask for more information from Facebook when using it to login so that we can learn more about our audience and provide you with the best possible experience. We do not store specific user data and the sharing of it is not required to login with Facebook.