Ilitch based consortium to buy Pistons

[RipCity32]

I know, but I'd still rather be bought by a Michigan native, so at least we know they have a passion for the team.

 

[sheed]

I know, but I'd still rather be bought by a Michigan native, so at least we know they have a passion for the team.

Yeah, agreed. I don't want any out of state bidder getting the team. I believe Karen will sell to Illitch although they don't really like each other from what I hear.

 

[RipCity32]

They don't like each other? Haha.

Probably cause Mike knows that Karen is a heartless <Censored>.

 

[sheed]

I don't know, if I remember correctly someone said they really don't like each other that much. But yeah that would be my guess.

 

[sheed]

More investors have emerged with interest in buying the Detroit Pistons.

George Postolos, former president of the Houston Rockets and former special assistant to NBA commissioner David Stern, has emerged as a candidate to buy the Pistons, The Detroit News has learned. In addition, Flint-raised Tom Gores, the 204th-richest American according to Forbes, has also shown interest in buying the team. A source close to the situation said both groups have been approved by the NBA.

Postolos met with Palace Sports and Entertainment officials this week.

"I am bullish on the NBA, the Detroit Pistons and Palace Sports and Entertainment," Postolos told The Detroit News in an e-mail. "I have nothing more to say for now."

Postolos lost a bid to purchase the Charlotte Bobcats this year. The Bobcats were sold to a group that included Michael Jordan.

Postolos is president and CEO of The Postolos Group LP, a Houston-based investment firm which seeks to acquire sports teams. Postolos, 46, became president of the Rockets in 1998, amid a difficult relationship between the city and the franchise. When he left in 2006 the situation had improved markedly.

Rockets owner Leslie Alexander was pushing for a downtown arena and did not deny the team might leave town if significant public money was not spent on an arena. When voters rejected a referendum on the spending, relationships with the public, governments and sponsors were fractured.

Sports industry sources said Postolos likely will need partners to purchase the Pistons, a franchise valued at about $475 million.

Gores, 45, lives in Beverly Hills, Calif. and owns Platinum Equity. He manages 22 companies with combined sales exceeding $8 billion. According to Forbes, Gores is worth $2.2 billion. He was seen in Los Angeles during Game 7 of the NBA Finals, seated close to Celtics coach Doc Rivers.

Gores graduated from Michigan State and coaches youth soccer and basketball teams.

Gores replied to inquiries from The Detroit News through a spokesperson, stating, "We don't discuss whether or not we're considering potential transactions and we don't comment on market rumors, even when they're incorrect."
On Monday, Red Wings and Tigers owner Mike Ilitch announced his intent to pursue of the Pistons.

The Detroit News reported Wednesday that in addition to the Ilitches, at least two entities are bidding on the Pistons.

Hopefully Postolos doesn't buy us. He seems like the guy that would try to relocate us. I wouldn't mind if Gores did though. Hes from Michigan and I'm sure he wouldn't have any plans on relocating the team, plus he is worth $2.2 billion. So I am sure he would be willing to spend lol.

 

[Pugz]

Magic Johnson expressed interest Friday in being part of a group that buys the Pistons or at least in joining his hometown team in a front-office capacity.

Johnson is currently a minority owner of the Lakers.

The Lansing, Mich., native who attended Michigan State was involved with a group that in recent months made a serious bid to buy the Warriors, before Joe Lacob and Peter Gruber completed the purchase for an announced $450 million, a record for an NBA team. Johnson would have sold what is believed to be a five-percent stake in the Lakers for a larger, but unknown portion, in Golden State, while still living in L.A.

Via NBA.com

magic "muthafuckin" johnson. thatd be coolio

 

[sheed]

Yep, just seen that. That would be sick if he joined our front office or even bought a small part of the team with Gores.

 

[RipCity32]

Illitch and Magic should team up.

 

[sheed]

A group representing California businessman Tom Gores, a Michigan native, met Wednesday with Palace Sports & Entertainment officials, according to sources.

It was the group's second meeting with PS&E officials, which appears to make Gores a serious candidate to purchase the team.

Forbes recently valued the team and it's brand at $479 million.

One person close to the situation, however, cautioned that Gores isn't necessarily the frontrunner to purchase the team.

This is good news.

 

[RipCity32]

Just hurry and sell the <Censored> lol.

 

[sheed]

Its either him or Illitch. Illitch only wants to buy them so he can get a new arena downtown for them and the Wings and make even more money. Id rather have Gores.

 

[RipCity32]

Anyone but Davidson lol.

 

[sheed]

There are four parties in the hunt to purchase the Pistons from Karen Davidson, according to sources.

Entrepreneur Tom Gores, the Ilitch family, former NBA executive George Postolos and an unidentified group of investors from Dubai are interested in the Pistons.

The Ilitch family owns MLB's Detroit Tigers.

Can we just get this over with.

 

[Pugz]

dubai? lol. as long as they wouldnt mind spending money then i wouldnt care lol. but i really want the ilitchs to buy.

 

[RipCity32]

I'll pass on the Dubai's lol.

Gores or Illitch would be ideal.

 

[.infamous]

Lol Arabs buying a team in the NBA lol.