SBD/Issue 86/Franchises

Karen Davidson "Seriously" Considering Selling Pistons, PS&E

Davidson Already Discussed
Selling Pistons With Stern
Pistons Owner Karen Davidson "seriously is considering selling" the team and Palace Sports & Entertainment, and she has already talked to NBA Commissioner David Stern about the "process and protocol for attracting potential buyers," according to Chris McCosky of the DETROIT NEWS. There has been a "lot of chatter" about Tigers and Red Wings owner the Ilitches making an offer to buy the Pistons and PS&E, but sources said that Mike Ilitch is "not a fan of the NBA." However, McCosky noted it "makes sense for the Pistons and Red Wings to partner" on a new arena. Sources indicated that it is "possible, perhaps even likely, that within this decade the Red Wings and Pistons will partner to build and share a sports arena in downtown Detroit." The Red Wings have "not renewed their lease at Joe Louis Arena beyond this season, and face more" than $10M in "structural repair at the dilapidated arena this summer if the team is to play there next season." The Ilitches have been "looking for a temporary home" for the Red Wings, while the long-term plan at PS&E has been to "build a new arena before 2020." With both teams "needing arenas in this economically-bereft region, it's hard to imagine either being able to raise the money alone any time soon" (DETNEWS.com, 1/17). Davidson was profiled Friday by the WALL STREET JOURNAL's Juliet Chung in the "Home Life" feature. Davidson's 10,000-square-foot house in Snowmass Village, Colorado, is listed at $47M, making it "one of the most expensive listings in the country." Davidson since assuming ownership of the Pistons last March following the passing of her husband Bill "continues to leave the day-to-day management" to team President of Basketball Operations Joe Dumars. Karen Davidson: "Thank God it's not baseball" (WALL STREET JOURNAL, 1/15).

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