HoopsHype Mike Ilitch rumors

October 30, 2010 Updates

The Atlanta Hawks have been seeking a buyer for months, but with a $20 million operating loss before debt payments, that franchise is having difficulty attracting suitors. It's a similar story for the Memphis Grizzlies. Meanwhile, the New Orleans Hornets are still primarily in talks to sell the team with minority owner Gary Chouest. "I have never seen so many teams for sale at one time," the second source said. New York Post

October 28, 2010 Updates

Whatever the long-term future holds, the Palace isn't going anywhere for now. Even in a best-case scenario, there will be no new Detroit arena for several years. "It really is in limbo," said Oakland County Executive L. Brooks Patterson. "But I'm not panicked." With a taxable value of $34.4 million, the Palace pays about $144,000 in annual Oakland County property taxes -- revenue that will continue with or without the Pistons. "We don't take a financial hit" if the Pistons move, Patterson said. "Our ego gets bruised because we've lost an NBA franchise as popular as the Pistons." Patterson emphasized that although sports and pizza mogul Mike Ilitch "looks like the apparent front-runner" in the Pistons sale, prospective buyers from Texas and California are still in the mix. Only Ilitch wants to move the Pistons from the Palace, he said. Detroit Free Press

While Patterson said he is confident the Palace won't be doomed if the Pistons leave, others aren't so sure. "I don't believe the Palace is a viable property without the Pistons," said David Grossman of Detroit's Pegasus Entertainment, a leading concert supply firm. "People will talk about all the concerts and family events and everything else, but that stuff works only because they have an extremely well-qualified staff that will disappear when the Pistons leave. I don't see it making sense from a financial point of view." Some onlookers envision a scenario like the one that exists now with the Palace and Joe Louis Arena, only in reverse: A new downtown arena would grab most of the top shows, with the Palace as a secondary arena. That role could be crucial with the simultaneous NBA and NHL seasons jamming the new arena's calendar. The Palace could be closing in on its 30th birthday -- ancient in arena terms -- by the time a new downtown venue is finished. Detroit Free Press

October 22, 2010 Updates

NBA Commissioner David Stern is optimistic the sale of the Detroit Pistons will be complete soon. Stern spoke Thursday after two days of meetings with league owners. Regarding the Pistons, he says he's "looking for something definitive to happen in the month of November." Detroit Tigers and Detroit Red Wings owner Mike Ilitch is expected to buy the team. ESPN.com

October 5, 2010 Updates

A person involved with the process says the Detroit Pistons have decided to sell the NBA team to Tigers and Red Wings owner Mike Ilitch. The person spoke to The Associated Press on Tuesday on condition of anonymity because of a confidentiality agreement. The person says both sides are negotiating financial terms. MyFOXDetroit.com

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. Crain's

Ilitch announced in August that he was interested in adding the Pistons to his holdings, which include the Detroit Red Wings, Detroit Tigers and the Little Caesars Enterprises Inc. pizza chain, which he co-founded with wife Marian in 1959. Buying the Pistons would means Ilitch would become the only owner of three franchises in the four U.S. major leagues. Crain's

September 24, 2010 Updates
August 15, 2010 Updates
August 10, 2010 Updates

But now's the time to buy, at least that's what NBA commissioner David Stern probably would tell any prospective owner -- including Red Wings and Tigers owner Mike Ilitch, who announced his intentions Monday of bidding for the Pistons. Stern and the owners believe the NBA's business model is broken and the next collective bargaining agreement should have more cost certainty. And that would add value to NBA franchises. "I would say that our revenues are robust, and it's taking more expense and effort to produce them than it has historically," Stern said during a recent teleconference. "We are not pleading poverty. We are pleading the need, we are stating the need for an improved revenue versus expense model that would be demonstrably sustainable and continued to allow our sport to grow." Read more: Stern would say it's a great time to join NBA The financials | freep.com | Detroit Free Press http://www.freep.com/article/20100810/SPORTS03/8100486/David-Stern-It-s-a-great-time-for-new-owner-to-join-NBA#ixzz0wCJl8RJq Detroit Free Press

August 9, 2010 Updates

Mike Ilitch, the owner of the Detroit Tigers and Detroit Red Wings, says he wants to buy the NBA's Detroit Pistons in part to make sure the team doesn't leave town. Ilitch said he has notified the Pistons of his interest. He said he fears the Detroit area could lose the Pistons if an out-of-town buyer comes forward. "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," Ilitch said. ESPN.com

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