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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.