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Report: Citibank Seeking $500 Million For Pistons

How much the Pistons are worth varies depending on who you ask. Forbes, for examples, values the franchise at $479 million, whereas some analysts think they are worth less than $400 million due to the state of the economy. Citibank, however, is reportedly asking for even more than that from potential buyers.

The bank hired to broker a sale of the Detroit Pistons and Palace Sports & Entertainment Inc. is seeking $500 million from potential buyers — a price industry insiders and likely bidders consider inflated by $100 million in this market, a source familiar with the situation said.

This same source told Crain's Detroit Business that Mike Ilitch "likely would pay less than $400 million" for both the Pistons and Palace Sports & Entertainment. While many seem to believe that is a possibility, the one thing that could drive up the price is if a couple prospective owners get into a bidding war over the team. With at least four potential buyers out there right now, that is one thing to consider going forward.