The city of Auburn Hills issued a statement yesterday morning from Mayor Kevin McDaniel that said it "does appear inevitable that the Pistons will be leaving" to relocate in '17 to Little Caesars Arena in downtown Detroit, according to Bill Shea of CRAIN'S DETROIT BUSINESS. Pistons Owner Tom Gores on Friday said a deal to move the team downtown is "very close." Shea noted Auburn Hills has "no interest in trying to keep the Pistons by offering tax breaks or subsidies." Auburn Hills City Manager Thomas Tanghe said, "The city is in no position to subsidize their operation." City officials have repeatedly said that they "want to still work" with Gores and his organization, L.A.-based Platinum Equity (CRAINSDETROIT.com, 10/31). In Detroit, Daniel Howes writes the "quarter-century-plus exodus of Detroit’s major league sports teams to Oakland County is poised to be fully reversed." That is "less a commentary on the suburbs than it is affirmation by some of this region’s savviest business people that the reinvention of Detroit is real, is gaining traction and is offering a worthy home for their franchises" (DETROIT NEWS, 11/1).
FUTURE OF THE PALACE: Shea cited sources as saying that Gores "intends to seek maximum value for the Palace, and leaving it vacant like the crumbling Pontiac Silverdome three miles to the south isn't an option." Gores bought the Palace, along with the Pistons and other properties, for $325M in '11 and "has subsequently spent" nearly $50M in upgrades. The Palace opened in '88 at a cost of $90M (CRAIN'S DETROIT BUSINESS, 10/31 issue).
