At least three bidders are emerging as potential buyers of the Detroit Pistons and The Palace, as two unnamed groups are expected to tour the arena and view some of the team’s financial paperwork; Red Wings owner Mike Ilitch has already expressed his interest.
While the NBA might not make a lot of financial sense to an outsider — its Collective Bargaining Agreement is a little out of whack and the revenue sources limited — Palace Sports and Entertainment owner Karen Davidson and family have one big thing going for them: NBA franchises don’t hit the market very often, and when they do they are in demand. So it’s no surprise that two potential ownership groups in addition to Ilitch have emerged with interest for the team and its other properties — as well as its debt load, thanks to the arena ownership.
Confirming the interest from other groups, Palace Sports issued the following statement today:
“The Davidson family and its constituents, working together with Palace Sports and Entertainment (PSE) management and Citi Private Bank, have instituted a robust process that is well under way. We are extremely pleased at the level of serious interest from multiple potential buyers in purchasing the Pistons and PSE. We will proceed with the best interests of the Davidson family, the Pistons, and PSE. At this time, we plan no further comment.”
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