Mike Ilitch's Deal To Buy The Detroit Pistons Fell Through Because They Lied About Their Revenue

mike ilitchMike Ilitch

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. 

Read the full story over at Forbes >

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