Pistons sale hits rocks when real revenue numbers get seen
Karen Davidson inherited the Detroit Pistons when her husband Bill passed away last year. The Pistons were his passion, not hers, she didn’t want to run a team. So she hired Citi Private Bank Sports Advisory to help her sell the Pistons and the Palace.
They found a buyer in Michael Ilitch — who already owned the Detroit Red Wings and Tigers. It seemed a great fit as the founder of the Little Caesars Pizza had plenty of cash to make the deal happen (he is worth $1.7 billion).
Then it hit a stumbling block recently. Forbes’ Mike Ozanian explained what happened.
It is possible Ilitch still ends up with the team, but it looks like this is going to take a while.