llitch Buys Pistons

[Pugz]

The owner of the Detroit Pistons and Auburn Hills-based Palace Sports & Entertainment Inc. has chosen to open negotiations to sell the basketball team and venue management company to Detroit pizza and sports industrialist Mike Ilitch, Crain's has learned.

It's believed that a deal will be worked out in the next 30 days.

Any sale of the Pistons will require a vote by the National Basketball Association's other team owners.

It's unknown how much Ilitch might pay for the team and PS&E, and a final purchase price is likely still not set. Crain's reported in September that bids were submitted around Labor Day.

http://www.crainsdetroit.com/article/20101005/FREE/101009952/detroit-pistons-owner-to-sell-team-to-mike-ilitch#


let the rebuilding begin

 

[Pugz]

DETROIT (AP)—The Detroit Pistons have decided to sell the team to Tigers and Red Wings owner Mike Ilitch, a person involved with the process said Tuesday.

The person, who spoke to The Associated Press on the condition of anonymity because of a confidentiality agreement, said both sides were negotiating financial terms.

If the sale goes through, Ilitch would control of three of the city’s four major professional sports teams.

Ilitch, the Little Caesars pizza mogul, said in August he wanted to buy the Pistons in part to make sure another buyer doesn’t move the NBA club out of town. Forbes last year valued the team at $479 million.

Pistons owner Karen Davidson has said she was considering a sale of the team by itself or as part of a package with Palace Sports and Entertainment, which includes The Palace of Auburn Hills, DTE Energy Music Theatre and Meadow Brook Music Festival.

Her husband, Bill Davidson, died last year. The late owner was in charge when the Pistons won NBA titles in 1989, 1990 and 2004. Karen Davidson has said she expected the deal to be done by this month’s season-opening game.

 

[Elite]

I guess the Lions are next on his list to purchase.

 

[.infamous]

If Ilitch bought the Lions I would be the happiest person in the world. Old Man Ford needs to let go of the team already or atleast give it to his son. Because his son is a person who is suppose to be in a nursing home and he actually has some brains.

 

[RipCity32]

Yay Illitch <3
<Censored> Davidson.

 

[sheed]

The only thing I am upset about is were going to be getting a new arena now with the Wings/Pistons to share. While getting a cool new arena will be nice, I really like the Palace. Its the Pistons home, plus sharing an arena sucks.

 

[Pugz]

us getting a new arena isnt a lock at this point and the palace is a great place BUT a new arena would be better no matter what.

 

[RipCity32]

I don't want the Wings and Pistons to share an arena. I feel they deserve their owns.

 

[Pugz]

Mike Ilitch, owner of Detroit's Red Wings and Tigers, says he's "real close" to purchasing the Pistons.

"We're getting close -- real close," Ilitch told Nicholas J. Cotsonika of Yahoo Sports on Monday night at the Hockey Hall of Fame.

Ilitch has said he would like to bring the Pistons downtown.

 

[.infamous]

If he wants to bring them to downtown I see the pistons and red wings sharing an arena.

 

[Pugz]

they would be


i love the palace but i would love for them to move downtown. downtown is really nice and its walking distance for me

 

[Mexi]

pugz, there is zero news about Magic joining the Pistons
what are you talking about

he's still part of the Lakers org as of today

 

[Pugz]

ok so everything that ive seen on DETROIT news about him trying/wanting to join the pistons as a minority owner is 100% false. im pretty sure he even sold his share in the lakers..

 

[Mexi]

show me a recent article

because today, i cant find anything

a day after he sold his shares, he said he's not buying an NBA team
rumor is he wants an NFL team in L.A.

 

[Pugz]

it was literally on the news. ill look later though

 

[Mexi]

meh local news. crazy as this may sound, not the best source

trust me on this Pugz

 

[RipCity32]

Magic sold his share of the Lakers.
And I've heard the same exact news Pugz lol.

 

[Pugz]

Magic sold his share of the Lakers.
And I've heard the same exact news Pugz lol.

thank you.

my dad has even talked with me about it and hes a hockey guy. lol


i know hometown news isnt the best because its HOMER news. but still. ive been hearing/reading about magic and the pistons for a while now. hell like a week before he sold all his shares in the lakers i read about him doing it so he could try to buy into the pistons.

 

[Mexi]

again

he said he sold his shares because it was a good business decision
and while thats true, it was a good decision, yes he may want to venture into a larger role
he's still Lakers VP

but thats not with an NBA team.
again, he wants an NFL team

http://lakers.ocregister.com/2010/10/20/magic-johnson-to-retain-lakers-vice-presidency/42504/

When announcing the sale, Johnson said in a statement: “I will continue to work alongside Dr. Buss, Jeanie Buss and Mitch Kupchak in their efforts to continually build and maintain the best NBA franchise in the league. This was a bittersweet business decision made on behalf of my family and myself, and I want to assure all the wonderful and loyal Lakers fans that my decision will in no way affect my dedication and support for the Los Angeles Lakers. I am and will always be a Laker for life.”