Pistons about to sell for less than Warriors

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Thumbnail image for pistons_logo.pngLast December, Forbes estimated the value of the Golden State Warriors at $315 million, yet when the team hit the open market, it sold for a record $450 million (although that deal has yet to be finalized).

So with the Detroit Pistons valued at $479 million, they should sell for…

Nope. They are not going to go for in excess of $500 million and may well sell for less than the Golden State price, according to Crain’s Detroit Business publication.

The bank hired to broker a sale of the Detroit Pistons and Palace Sports & Entertainment Inc. is seeking $500 million from potential buyers — a price industry insiders and likely bidders consider inflated by $100 million in this market, a source familiar with the situation said…

“Today, with the financial uncertainty, the tremendous dislocation of the Michigan economy, that would be an extraordinary price to be achieved,” Marc Ganis, president of Chicago-based sports consulting firm Sportscorp Ltd. “If it were two years ago, maybe.”

A few things are in play here. First is the regional economies — the Bay Area remains the heart of the technology industries in America and as such has a lot of money flowing around. Bluntly — there are a lot of rich people in the Bay Area right now. Michigan, still home of America’s car culture, is being hit hard right now. This is not the area for big sponsors or tons of people with extra disposable income.

Second, the Golden State price got inflated as insanely wealthy Larry Ellison was involved in the bidding, so groups that wanted to outbid him knew they had to go big or go home.

On the other hand, one of the key bidders for the Pistons is Mike Ilitch, who already owns the Tigers and Red Wings, so he knows the Detroit market well. And remember earlier this year he hired Tom Wilson, the longtime Palace Sports and Entertainment president (that’s the company set up by the late Bill Davidson to run the Pistons). So Ilitch knows exactly what the Pistons take in and expend.

Karen Davison, Bill’s wife who now owns the Pistons, is not going to lose money on this sale — Bill bought the team for $8 million in 1974. But she may make $100 million less than she hoped, as well.

Watch James Harden do the #DriveByDunkChallenge from a speed boat (VIDEO)

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The #DriveByDunkChallenge has been a fun distraction this summer. If you don’t know what it is, it essentially involves NBA players jumping out of their cars to dunk on regular folks on community basketball hoops.

Players like Boston Celtics wing Jaylen Brown have led the charge in the social media video fad, and now it appears that Houston Rockets guard James Harden is setting a new trend.

That trend? Doing the #DriveByDunkChallenge from dang boat.

Yup, seriously.

Via Twitter:

I can’t think of anything more baller than dunking on somebody from a speed boat, so congrats to Harden for winning the NBA offseason.

Photoshop no more: here’s Gordon Hayward in a Boston Celtics uniform (PHOTO)

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I suppose it will take some time to get used to seeing Gordon Hayward in a Boston Celtics jersey. This photo is the first step on that journey.

In a photo posted to Hayward’s Instagram on Wednesday, many of us got our first look at the former Utah Jazz forward in his new digs.

Specifically, the new Celtics Nike jersey in green with the GE patch on the left shoulder.

Via Instagram:

🍀🔥

A post shared by @gdhayward on

There are still some serious doubts about whether the Celtics will be able to unseat the Cleveland Cavaliers in the Eastern Conference, but perhaps they won’t need to wait for long. Rumors are starting to trickle in about LeBron James leaving Ohio, so maybe by the time we are used to seeing Hayward in Celtics green next season they will have less competition out east.

Dikembe Mutombo says he is putting together a group to buy the Rockets

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It appears as though Houston billionaire Dan Friedkin will have some competition if he decides to bid for the Rockets. Namely, former NBA big man Dikembe Mutombo.

Mutombo played in the NBA from 1991-2009, ending his career with five seasons in Houston. The franchise apparently made an impact on the Hall of Fame center, as he is apparently looking to buy the franchise per an interview with USA Today.

Speaking with Adi Joseph over at FTW, Mutombo would not give out names of his partners but said that he will be able to make a bid in the coming weeks.

Via FTW:

“I’m putting together a group to buy the Houston Rockets, and we’re getting close,” he said. “Getting close in the next couple weeks, maybe I’ll have a chance. Lot of people, lot of people and good people with a lot of money.”

With Leslie Alexander’s decision to sell the team, it certainly would be interesting to get another NBA player as part of team ownership in this league.

Watch the 10 best 360 plays from last season (video)

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The NBA’s top-10 highlight packages have been pretty enjoyable. This one is oddly specific – but still dizzyingly fun.