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It's official: Pistons hire a broker to sell the team | freep.com | Detroit Free Press

It's official: Pistons hire a broker to sell the team

The Pistons announced this morning that a Citigroup subsidiary has been hired to broker the sale of the Pistons and Palace Sports & Entertainment.

The subsidiary, called Citi Private Bank Sports Authority, has been in contact “with a number of interested parties,” the Pistons said in a news release, adding that the NBA “has been informed of the engagement.”

Pistons owner Karen Davidson said last month that the team is for sale.

“We’re looking for a buyer,” she told the Free Press at a Pistons charity event in Detroit.

Davidson revealed in late January that she was exploring a possible sale. She assumed control of the franchise after the March 13, 2009, death of her husband, Bill.

In April, the Free Press reported that Citigroup had been retained to assess the value of the Pistons and to broker a potential sale. Forbes recently placed the value at $479 million, fourth-highest in the NBA.

NBA owners must approve any sale in the 30-team league.

Despite the Pistons’ struggles on the court and the difficult Michigan economy, Alan Ostfield, the CEO and president of Palace Sports & Entertainment, said the organization had a successful first quarter.

The trade publication Pollstar reported that the Palace sold more concert tickets than any arena in the country except Madison Square Garden. And the Pistons ranked eighth in the NBA in average attendance.

The Pistons added in the release that there will be no further comment from them until “there is substantive news to report.”

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Is this team going to stay in Detroit?

A broker is going to want make a deal and if buyer for the whole Palace Sports empire doesn't emerge quickly, you better believe they will push hard for Mrs. D to consider offers from outside bidders for the team only.

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The Pistons aren't going anywhere. They have a great arena, are in a large metro area, have a solid fanbase, and can use their arena for concerts and other events.

No need to move them. Besides, there are other franchises that need to be moved (New Orleans) before the Pistons ever would be.

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Is this team going to stay in Detroit?

A broker is going to want make a deal and if buyer for the whole Palace Sports empire doesn't emerge quickly, you better believe they will push hard for Mrs. D to consider offers from outside bidders for the team only.

Nlot impossible..the league wont like it..but there would be buyers for the Palace by itself...it has more value when there are two tennants though..

this excercise is a good thing..establishes value..and that brings more interested parties to the table when they understand the price.

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The Pistons aren't going anywhere. They have a great arena, are in a large metro area, have a solid fanbase, and can use their arena for concerts and other events.

No need to move them. Besides, there are other franchises that need to be moved (New Orleans) before the Pistons ever would be.

It's not about need, it's about want.

None of those things matter if a guy with a ton of money from Seattle, Kansas City, Las Vegas, or wherever comes along and makes a big offer and wants to move them. The NBA won't stand in the way if no local options emerge.

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I swear I read a similar article to this a few weeks ago, where they hired Citi to do something.

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I swear I read a similar article to this a few weeks ago, where they hired Citi to do something.
In April, the Free Press reported that Citigroup had been retained to assess the value of the Pistons and to broker a potential sale.

.

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ah, I didn't read the Free Press story but the one in the News today.

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It's not about need, it's about want.

None of those things matter if a guy with a ton of money from Seattle, Kansas City, Las Vegas, or wherever comes along and makes a big offer and wants to move them. The NBA won't stand in the way if no local options emerge.

I'm betting that options will emerge.

You're right, you never know what will happen, and no one can really read the whims of a millionaire, but I'm betting there's still enough incentive to keep them in Detroit.

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According to Jeff Moss the Pistons new owner will be David Katzman. But who believes jeff Moss?

Thats old.. DK..would have made his move already if he was making one..he has a small conflict..he owns 15% of the Cavs, which he has been unable to unload.

Moss isn't even read by his friends anymore..

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Jeff Moss? Really? That guy is a turd. He's lived off one lucky guess for a few years now.

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detnews.com - Pistons-NBA | Pistons owner Karen Davidson expects team will be sold before season starts

Pistons owner Karen Davidson expects team will be sold before season starts

Vincent Goodwill / The Detroit News

Auburn Hills -- Pistons owner Karen Davidson said that even in these tough economic times, she expects the team to be sold relatively quickly, in the next few months.

"This is a premier franchise," she said.

Davidson, the widow of longtime owner William Davidson, said Pistons president Joe Dumars has no financial restrictions on him this summer, as far as going after free agents and making personnel moves. Surprisingly, though, she felt the team would find a buyer before the start of next season.

"Late October, I would expect so," she said, then joked, "It depends on how many lawyers get in on it."

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My gut is really starting to make me believe that Ilitch is deeply involved in this.

I can't find the link, but that article about the Pistons going after some former PSE employees seemed to subtly hint at it. One particular line buried deep in the article really struck me - it basically stated that Tom Wilson started calling PSE within weeks of joining Olympia inquiring about the possibility of Ilitch purchasing the Pistons.

With all the arena stuff in the air right now and some other craziness, I don't know...I just have a funny feeling Mr. Macedonia is in on this.

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Report: Atlas Oil president, Ilitches at center of rumors involving potential sale of Pistons | MLive.com

Report: Atlas Oil president, Ilitches at center of rumors involving potential sale of Pistons

Detroit Pistons owner Karen Davidson said last week that she expects the team to be sold by the start of next season.

A Crain's Detroit Business story published Sunday outlines who some of the major players could be.

The story said the latest name involved is Sam Simon, president and chairman of Atlas Oil, a Taylor-based fuel distributor. A source told Crain's that Simon would be a part of an investment consortium led by Mike and Marian Ilitch.

The Ilitches own the Detroit Tigers and the Detroit Red Wings.

Simon told Crain's he is a longtime friend of Chris Ilitch and has had courtside season tickets at The Palace for 18 years.

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My father worked for Atlas oil when they were just starting out, and then was managment after he moved to his new large location. He has since moved on to another company of his buddys, but has nothing bad to say about Sam Simon. This is interesting if it indeeds happens.

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Wow..Mike Illitch intersted in buying PS&E who knew..

shocking. just shocking.

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My sources, some of whom read this board by the way..tell me Katzman bid a paltry 250MM and told Karen thats what he thought the team was worth..(Jeff Moss, your dream ends here) Illitch is solidly in the mix and there are rumors of a surprise Tom Ricketts bid.

Should begin to get a lot more interesting now the FA fireworks are over..I will say, as I have said numerous times..still want Dan Gilbert as your owner..I sure as h*** don't..he knows a lot less about hoop than he does about mortgages.

My money is still on Illitch..the entertainment and arena venues have by far the biggest value to him..but other bidders may have a lot more money..Illitch aside from the casino isn't rich for a sports owner.

Edited by sportz4life

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If Illitch bought the Pistons, does that mean a move to Auburn Hills for the Red Wings or are they still going to look to do a joint stadium in Detroit?

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If Illitch bought the Pistons, does that mean a move to Auburn Hills for the Red Wings or are they still going to look to do a joint stadium in Detroit?

I think they are looking to do a stadium downtown, but then again I am looking to marry Mila Kunis..neither is happening in the near future.

Detroit and Wayne county are far too broke to finance a stadium in this climate.

Ownership of the Palace would provide the Illitch orgaization with a ready made arena with beautiful suites and the ability to fill them a combinedr 82 nights a season..plus playoffs. In 5-10 years when things change, they can then consider moving both teams downtown.

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Somehow Illitch will make this all work, but would more likely move the Pistons to Detroit than the Pistons to Auburn Hills.

You have a city called "Hockey Town", and them not truly having a hockey team in the city would not seem right in my mind, and hopefully his. Neither place can afford to build a new arena, so that is where the challenge comes in. (Not like anybody thought of this 10 years ago - but I think this problem would have been an easy fix if Comerica Park had a retractable roof. Then the Wings/Tigers could always play there without any weather worries. Yes, one of my crazy dreams...)

That being said, none of the teams can afford to move without hurting financially to some further extent than they already have. I'd be surprised if somebody got the team other than Detroit man Illitch unless some kind of group is put together like Nolan Ryan and the Rangers did.

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Well the Palace would def give the Wings a place to play while they look for a new site/build a new stadium.

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Well the Palace would def give the Wings a place to play while they look for a new site/build a new stadium.

Stadium math by sportz

New Downtown arena= 300MM

Palace+Pistons+Palace Sports and Entertainment (Pine Knob and Meadowbrook)= 400-450MM

So you get a hoop team, plus all the concert venues and revenue plus a stadium for 100-150MM

Well known but not publicized fact..what county has the greatest concentration of DRW season ticket holders??

yeah..Oakland..

Think they are vacating Oakland County..think again.

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