Team sales are not a quick thing, especially when the perceived value and actual value are different.
There seems to be little change in what is going on with the Detroit Pistons sale, at least that seems the case after reading the latest update from the Detroit News.
There are four groups in the running, with billionaire and Michigan native Tom Gores as the frontrunner. Also in are Mike Illitch, owner of the Red Wings and Tigers, who wants to move the Pistons to a new building in downtown Detroit; George Postolos, former Rockets team president who almost ended up buying the Bobcats; and a group of investors based in Dubai.
This was the same group and frontrunner we knew about a month ago. Owner Karen Davidson is looking to sell the team after the passing of her husband and long-time owner Bill.
The only question left is the price. Forbes estimated the Pistons worth at $479 million, but the sale is expected to be at less than $400 million in large part to the depressed economy in the region (the automotive industry has been hit hard).
The rest of the Detroit News piece focuses on Gores and his business style, which is essentially to buy and improve companies that are often contrary to where the rest of the market is heading. Gores is a Michigan State grad a huge sports fan. Including basketball — he had courtside seats for Game 7 between the Lakers and Celtics.