Published January 7, 2011
No new bidders for Pistons have emerged
since Ilitch's deal fell through in November
Platinum Equity Chair & CEO Tom Gores "remains the leading bidder"
for the Pistons and Palace Sports & Entertainment, and he is "now
presumed to be the bidder who will emerge as the owner," according to
sources cited by Krupa & Goodwill of the DETROIT NEWS. One source
said that his position is "so pre-eminent that Gores could close a deal
as soon as next week." Others said that "while that may overstate how
quickly a deal can be done, the Pistons nonetheless would like to have
an agreement in place to present" to the NBA BOG Feb. 18-21 in L.A. It
has been "seven weeks since the Ilitch family's exclusive bargaining
agreement to purchase the Pistons expired without a deal -- and with
the Ilitches lowering their bid." In the interim, "no new potential
bidders have emerged and the position of front-runner Tom Gores has
solidified." But while some view a deal between Gores and Pistons Owner
Karen Davidson as "imminent, it also is true many expected the Ilitches
to buy the team two months ago, adding to their ownership of the Red
Wings, Tigers and entertainment properties in Metro Detroit, and
leading to their pursuit of financing for a new downtown arena for the
Wings and Pistons." Reps for both Gores and the Ilitches declined
comment. Experts "have said that given the bleak economy -- especially
in southeastern Michigan -- the purchasing price is likely to be less
than $400 million." Some NBA observers said that they "believe the
Ilitches' original bid was more than" $400M, and Gores' bid is "thought
to be" in the $300M range (
DETROIT NEWS, 1/7).
