Ilitch based consortium to buy Pistons

[sheed]

Sam Simon, president and chairman of Taylor-based fuel distributor Atlas Oil Co., is the latest name thought to be interested in the Detroit Pistons. Sources familiar with the situation told Crain's that Simon would be part of an investment consortium led by Detroit's Mike and Marian Ilitch, the Little Caesars Enterprises Inc. pizza founders who also own the Detroit Tigers and the Detroit Red Wings.

“I can't comment on that. I can't confirm or deny it,” said Simon, who noted that he's a longtime close friend of Ilitch Holdings Inc. President Chris Ilitch and is a Pistons courtside season-ticket holder for 18 years. “I'm a huge Pistons fan,” Simon said. “They need a person who has passion and the drive. They're missing an owner.”

Link

I like this guy. And especially with the Illitch's and how much money they have. It could turn out real good.

 

[RipCity32]

Hope to gosh he gets it.

 

[sheed]

So do I. That would be great news for the Pistons.

 

[RipCity32]

Davidson had passion, but his wife is a cold blooded <Censored>.

Would be nice to have a younger, passionate owner.

 

[Pugz]

man, that would be great. we'd have money to spend with no worries, really. plus they value their teams.

 

[RipCity32]

Also, I think that Simon guy, being a Piston fan, wouldn't be afraid to give Dumars the X if he keeps on sucking.

 

[Pugz]

and he would keep sucking, so i hope he would ditch him. id love to get a non piston as a gm. just a gm who has a strong history.

 

[RipCity32]

Yeah, someone who knows how to construct a team lol.

 

[Pugz]

Wading into a difficult market for purchasing a professional sports franchise, the Ilitch family announced today that they are interested in buying the Detroit Pistons.

"Marian and I grew up here, we raised our family here, and we built our businesses here," said Mike Ilitch, who presides over a financial empire that includes Little Ceasars Pizza, the Detroit Red Wings, the Detroit Tigers and entertainment holdings all headquartered in downtown Detroit. "Detroit is our home. When I read in the paper there was the chance that this great sports town could lose one of its professional sports franchises, I just didn't see how we could let that happen.

"The Pistons, just like the Red Wings, Tigers and the Lions, have a rich and storied tradition in this community, and they've brought pride to fans and our community," said Ilitch, who as a young man aspired to play Major League Baseball. "You all know I love sports -- all sports, from amateur sports to the various pro sports we've had the privilege to be involved with, and like a lot of others I'm sure, I really want to see the Pistons remain the Detroit Pistons."

Since the death of Pistons' owner Bill Davidson, his wife, Karen, has made clear she intends to sell the team. But the value of the team, believed to approximate $500 million, far exceeds what the market for a franchise in recession-wracked Southeastern Michigan is likely to bear

Experts on the purchase of franchises and NBA franchises, specifically, told The Detroit News last month that for the team to be purchased at anything but a low price, foreign investment might be necessary.

But some expressed surprise that the Ilitches had now weighed in, especially given the need for a new hockey arena in Detroit.

"We talked about it internally, and when you take our 33 years of experience in professional sports, our commitment to this community, our passion for winning and pursuing championships, and you couple that with the opportunity to have a local, engaged owner for the Pistons, we decided to take a run at it," Ilitch said. "We believe we could bring a lot to the table that could be tremendously positive for the Pistons franchise, the NBA and the fans of this community. So, today, we formally notified the Detroit Pistons that we have interest in purchasing the team. This is a required first-step, and we look forward to the opportunity to move forward in the process."

 

[RipCity32]

Would be extremely ideal. The Illitch family would be perfect.

 

[Pugz]

they would definitely be our way to rebuild the correct way.

 

[RipCity32]

Yeah for sure.
Illitch has such a nice track record, it's hard not to want them to get it.
I just hope it happens pretty soon.

 

[Pugz]

and hes a local guy bamf. you know he'll take pride in keeping us at the top.

 

[RipCity32]

Yep for sure. Only probably is he is too loyal to Dumbrowski. Which may mean we see a lot more of Dumars lol.

 

[sheed]

Definitely good news for us. Karen Davidson said the sale of the team will be complete before the season starts. So this sounds good.

 

[Pugz]

if dumars has the right owner though i think id be loyal to him again.

 

[sheed]

Yeah, maybe. Illitch has proven that he is a great owner. It would only be a step in the right direction.

 

[Pugz]

Mike Ilitch has some competition if he's going to purchase the Pistons.

According to sources, two other possible bidders are expected to visit The Palace of Auburn Hills. Bidders have signed non-disclosure agreements with the Pistons as part of the process. Ilitch, owner of Detroit's Tigers and Red Wings, announced Monday that he's interested in purchasing the Pistons and plans to make a formal offer.

The bids for the team are expected to be in the range of $300 million to $400 million, sources said.

Via Detroit News

 

[RipCity32]

Better be people committed to keep the Pistons in Michigan..
And some love for basketball.

 

[Pugz]

we dont need to worry about them moving. stern already said we're staying and i believe that.