Pistons See Interest From Multiple Possible Buyers
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There has been “serious interest from multiple potential buyers” in the Detroit Pistons and its related Detroit-area entertainment venues, the company that runs them said Wednesday.
The announcement comes two days after Mike Ilitch, the Little Caesars pizza mogul who already owns the Detroit Tigers and Detroit Red Wings, said he was interested in buying the NBA team, which Forbes has valued at $479 million.
Palace Sports and Entertainment and Citi Private Bank, which is assisting in the potential sale, said in statement: “We are extremely pleased at the level of serious interest from multiple potential buyers in purchasing the Pistons and PSE.”
Pistons owner Karen Davidson has said she’s 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.
“We will proceed with the best interests of the Davidson family, the Pistons and PSE,” the statement said.
Davidson’s husband, Bill Davidson, died last year. The late owner known as “Mr. D” helped the Pistons win NBA titles in 1989, 1990 and 2004. Karen Davidson has said she expects the deal to be done by the opening game in late October.
Wednesday’s statement said a “robust process” is under way that includes the Davidson family, PSE management and Citi Private Bank.
Ilitch, who founded the Little Caesars chain with his wife, also owns a number of area entertainment venues. He has said he fears the Detroit area could lose the Pistons if an out-of-town buyer comes forward.
(Copyright 2010 by The Associated Press. All Rights Reserved.)