Tom Wilson: Ilitch Family Still Has Interest In Buying Pistons

WXYZ (Channel 7 in Detroit) is reporting that the Ilitch family still is interested in buying the Pistons and Palace Sports & Entertainment. The source of their report is Tom Wilson, who is the former president and CEO of Palace Sports & Entertainment and now works for Ilitch.

For the last two months, all signs have pointed to businessman Tom Gores becoming the owner of the Pistons. He had a month of exclusivity in the negotiations and then another two weeks after that. The most recent exclusivity period recently expired without a deal being in place, however.

Negotiations with Gores have reportedly been stuck on the price of the Pistons. The NBA apparently wants to get more than $400 million for the team, but they are not believed to be worth that much. It's unlikely that Gores, a savvy businessman, is going to overpay to complete the purchase, which is why this sale once again appears to be at a standstill.

Mike Ilitch was the original frontrunner to purchase the Pistons and Palace Sports & Entertainment and even said back in November that a deal was getting close. Things fell apart just days later, though. Ilitch reportedly found out that revenues were inflated and lowered his bid from more than $400 million to a lower figure. Negotiations fell apart in the wake of this and Gores stepped to the lead of the pack.

It's no surprise that Ilitch still has interest in making a deal happen. The real question is if he and Karen Davidson could work out a deal. If Gores is struggling to close the deal because the NBA wants more than $400 million, I don't see how Ilitch would change his mind and go back to his original offer. Then again, there have been so many twists and turns in this story that I suppose nothing should be unexpected at this point.

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,

By becoming a registered user, you are also agreeing to our Terms and confirming that you have read our Privacy Policy.

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.