Pistons reportedly to be sold to Ilitch

Associated Press

DETROIT

The Detroit Pistons have found a new owner and he knows Motor City sports.

The Pistons have decided to sell the team to Detroit Tigers and Detroit Red Wings owner Mike Ilitch, The Associated Press has learned.

Forbes last year valued the team at $479 million, but a weak economy, the threat of an NBA lockout next year and a motivated seller — Karen Davidson — likely mean the price is lower.

Ilitch Holdings spokeswoman Jennifer Haselhuhn said the organization signed a nondisclosure agreement earlier this year and cannot comment. Mayor Dave Bing, former Pistons star, said Tuesday “the deal is not done, but we remain optimistic.”

Ilitch, the Little Caesars pizza mogul, has said he was motivated to buy the Pistons in part to make sure another buyer didn’t move the NBA club out of town.

If the sale goes through, the 81-year-old Ilitch would be the only person to own and control teams in three of North America’s four major professional leagues. Ted Turner once owned the Atlanta Braves, Hawks and Thrashers.

The Pistons sale could have significant ramifications for where the area’s pro teams play — in Detroit or its suburbs.

If Ilitch owns both the Red Wings and Pistons, he could likely leverage a deal with Detroit and Wayne County officials to finance a new arena in the city because they wouldn’t want him move the storied hockey team to The Palace in suburban Auburn Hills, where the Pistons play.

The Red Wings play at 31-year-old Joe Louis Arena.