Tom Gores Rumors
According to University of Michigan data, construction of the arena and surrounding district is expected to generate at least $1.8 billion in total economic impact, 8,300 construction and construction-related jobs and 1,100 permanent jobs. More than $100 million in income from the events center project alone is expected for Detroit residents, with significant additional income to be created through future private development.
Detroit Mayor Mike Duggan asked about it. So did Pistons owner Tom Gores. Even the Ilitch family inquired. And Silver’s listening. “I would think it greatly enhances their chance to get an All-Star game,” Silver said after Tuesday’s announcement. “My goal is to come to every city that wants us, and especially — I think we’ve said this many times at our board of governors meetings — when new buildings come on line, they deserve to get All-Star games.”
The earliest Detroit could host an NBA All-Star Game would be 2019, and even that would be a stretch. Los Angeles’ Staples Center is already booked for 2018 and Silver has said Charlotte, North Carolina, is a priority for 2019 after the league pulled the 2017 game from the city to protest a controversial piece of legislation. “There’s a process for bidding, and I’m sure Tom and Arn (Tellem) and Stan (Van Gundy) and others will focus on it,” Silver said. “But I look forward to coming back here for an All-Star game.”
Detroit Pistons Owner Tom Gores, Ilitch Holdings, Inc. President and CEO Christopher Ilitch and Detroit Mayor Mike Duggan announced today agreements under which the Pistons will move to downtown Detroit and begin playing at the new Little Caesars Arena starting next season. The move will include construction of a new state-of-the-art Pistons practice facility and corporate headquarters that will bring substantial new investment and economic activity to the city, and a comprehensive community benefits plan that will bring millions of dollars more into Detroit neighborhoods. “This is a historic day for our franchise, and for the City of Detroit,” Mr. Gores said. “We’re moving to a beautiful new arena that will provide a state-of-the-art fan experience, and we’re investing in the future of Detroit.”
There’s still nothing official on the proposed Pistons-to-Detroit front just yet, but a deal to move the NBA franchise in with the Detroit Red Wings is nearing completion. Tom Gores, Pistons owner and founder of Los Angeles-based private equity firm Platinum Equity, told reporters Monday during halftime of the Pistons’ 114-82 loss to the Los Angeles Clippers both sides remain “very close” to announcing a partnership. The proposal would call for the Pistons and Red Wings sharing the soon-to-open Little Caesars Arena in downtown Detroit. “We’re making progress,” Gores said. “In the next few weeks, I think we’ll know for sure.”
The Pistons’ payroll is growing and owner Tom Gores will likely face a luxury tax bill for being over the league’s tax line next year. Gores has said he wants the Pistons to retain Caldwell-Pope, the team’s best perimeter defender, and has indicated he will willingly pay the tax.