Mike Ilitch’s 30-day exclusive negotiation period for the purchase of the Detroit Pistons has passed, and previous bidders were contacted to gauge their interest.
Ilitch, owner of the Detroit Red Wings and the Detroit Tigers, expressed interest in the Pistons as early as August. Forbes valued the franchise at $479 million, but SportsBusiness Daily reported that the two sides couldn’t agree on the sale price or the financing.
Venture capitalist Tom Gores, and former NBA executive George Postolos both expressed interest in the Pistons prior to the close of the bidding. Karen Davidson, wife of late owner Bill Davidson, is now free to renew negotiations with them.
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