Crain’s Detroit Business reports that Karen Davidson, owner of the NBA’s Detroit Pistons, has opened negotiations to sell the team to Mike Ilitch, pizza magnate and current owner of two other Detroit sports teams. If successful, he would become the only person to own teams in three of the four major sports leagues.The deal would include the purchase of Palace Sports & Entertainment, a venue management company with properties that include the basketball team’s home arena, the Palace of Auburn Hills. However, if Ilitch were to take control of the team, he would look to move them to downtown Detroit, where they could occupy a new arena alongside the NHL’s Red Wings.
Ilitch and/or his wife also own the Detroit Tigers, the Little Caesar’s pizza chain, Joe Louis Arena, Cobo Arena, the Fox theatre, and one of the city’s three casinos. Forbes has estimated the value of the Pistons to be about $475 million.
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