Ilitch Back in for USD360m Takeover of NBA’s Pistons
March 8, 2011
Forbes sources state that US billionaire Mike Ilitch, who walked away from buying the National Basketball Association’s (NBA) Detroit Pistons a few months, is back in contention for a buyout after the exclusive negotiating period for Tom Gores to takeover the side ended last week with no deal.
It had been previously reported that the speculated US$420m deal with Gores was being held up by how much of the purchase price would be paid upfront though sources now believe that the billionaire became increasingly concerned with the team’s evaporating revenue.
The Detroit News reported that owner Karen Davidson said the other day that there is another prospective bidder, thought to be Ilitch, for the team should she and Gores fail to come to terms.
Ilitch is now looking to buy the team and the Palace of Auburn Hills for right around $360m, a full $60m less than the deal with Gores was being pegged at.