Another Candidate for Purchase of Detroit Pistons

Nearly a year has passed, and the Detroit Pistons are still in a financial bind ... and, in need of an owner. Previous owner Bill Davidson passed last year, leaving the Pistons with only half of their ownership team. Soon after the death of her husband, Karen Davidson was putting the Detroit Pistons up for sale to the highest bidder.

I reported in a previous AC article on the purchase of the Detroit Pistons, and how local entrepreneur Mike Ilitch was a possible candidate for their new owner. Ilitch is Detroit-based pizza chain Little Ceasars' founder, and he owns the Detroit Tigers and Red Wings. If Ilitch became the owner of the Detroit Pistons, he would have complete control of the NFL, NHL, and NBA teams in Michigan. Thus, giving him the opportunity to achieve a dream: owning an arena in downtown Detroit. But, at the time my article was published, Ilitch had not made any decisions, nor comments on his decision to buy the Pistons. Reports before the 2010 year's end, Ilitch had yet to make a decision on whether or not he would purchase the Detroit Pistons... and the purchase of the Pistons was unclear, plus had not happened. But, it was clear that the sale would not happen in 2010.

As of today, new talk has emerged on another candidate to purchase the Detroit Pistons. Given a 30-day time frame to seal the deal, Tom Gores, chairman of a large equity firm in California is said to be the right choice according to Oakland County executive Lynn Patterson. Patterson is against Ilitch's purchase of the Detroit Pistons for one reason: Ilitch's plans to move the team from Auburn Hills, and make downtown Detroit their home.

As part of the purchasing deal, Davidson wants to sell both: the Detroit Pistons and The Palace of Auburn Hills. This deal could be the snag in Ilitch's purchasing decision, seeing how he has plans to bring the team to downtown Detroit; he would have no use for The Palace. But on the other side of the bargaining table, newly reported buyer Tom Gores is willing to purchase both team and building.

Gores is not a resident of Detroit, nor Michigan for that matter. But he does have strong connections with the state. Gores attended Michigan State University, and was born in Flint, Michigan. Since those days, he has ventured West, becoming the chairman of multi-billion dollar company Platinum Equity.

It could be a tough decision for Davidson, and time is running out. Reports indicated Gores received the 30-days to finalize the deal during the first week of January 2011. So, who will the new owner of the Detroit Pistons be? Only time can tell!