Billionaire Mike Ilitch, who walked away from buying the Detroit Pistons a few months ago because he did not believe the numbers he was being fed, is back in the game after the exclusive negotiating period for billionaire Tom Gores to buy the NBA’s Detroit Pistons ended last week with no deal.
I wrote previously that the $420 deal with Gores was being held up by how much of the purchase price would be paid upfront. Now I am hearing that Gores has increasingly become concerned with the team’s evaporating revenue and the disarray that has engulfed the Pistons. The Detroit News reports owner Karen Davidson said the other day that there is another prospective bidder for the team should she and Gores fail to come to terms.
Now I am hearing that Ilitch is that guy and he is looking to grab the team and the Palace of Auburn Hills for right around the $360 million we pegged the Pistons at in January, $60 million less than the deal with Gores was being pegged at.