Mike Ilitch to Buy Pistons

Mike Ilitch, owner of the Detroit Tigers and Red Wings, is about to add another sports franchise to his portfolio; he’s set to buy the Detroit Pistons. Current owner Karen Davidson is working will Ilitch on the financial terms.

Davidson said that she was considering selling the Pistons and possibly Palace Sports and Entertainment (The Palace of Auburn Hills, DTE Energy Music Theater, and Meadow Brook Music Festival). She inherited the team last year when her husband died.

The franchise was worth $479MM when Forbes looked at sports franchises.

Ilitch, who made his money through Little Caesars Pizza, wants to buy the Pistons to keep them in Detroit.