Michael Ilitch offered more than $400 million to purchase the Detroit Pistons only to find out that the revenue numbers given to him by the team were inflated, Forbes’ Mike Ozanian reports.As a result, an angry Ilitch decreased his offer and negotiations broke down.
Ilitch already owns the Detroit Red Wings and the Detroit Tigers after earning a fortune from founding Little Caesar’s Pizza chain. Ozanian argues that adding the Pistons to his collection of sports franchises would lend Ilitch tremendous leverage in seeking a new arena and television deals.
He reports that the $400 million Karen Davidson, wife of deceased owner Bill, wants for the team will be hard to come by. Perhaps she’ll eventually come around to Ilitch’s reduced offer.
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