Tag: George Postolos

Two more candidates emerge to purchase Detroit Pistons

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Thumbnail image for pistons_logo.pngMichael Ilitch’s planned monopoly on the Detroit sports scene has a little competition.

Two new candidates have emerged as suitors for the Detroit Pistons, according to the Detroit News.

One is George Postolos, who recently headed a group that came in second to the Michael Jordan group in buying the Charlotte Bobcats. You want credentials, Postolos has them: He was formerly president of the Houston Rockets and used to be special assistant to NBA commissioner David Stern.

“I am bullish on the NBA, the Detroit Pistons and Palace Sports and Entertainment,” Postolos told The Detroit News in an email. “I have nothing more to say for now.”

The other guy is Tom Gores, who was raised in Flint Michigan and now is the man behind Platinum Equity, which is a power in the leveraged buyout business. At age 46, he is worth an estimated $2.2 billion.

It looks like those two and the third dance partner is Ilitch, the man who already owns Detroit’s Red Wings and Tigers. Ilitch wants to build a new arena in downtown Detroit where the Red Wings and Pistons would both play. He has the backing of Detroit mayor Dave Bing. Yes, that Dave Bing.

But Karen Davidson gets to make the final choice — she took over the team when her husband Bill passed away. According to Forbes, the Pistons are worth more than $450 million.

Failed Bobcats bidder may not be done with NBA yet

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George Postolos’ bid to become an NBA owner was foiled late last night as Michael Jordan rallied investors to become majority owner. But that doesn’t mean the Texas businessman (and former Rockets CEO) is done with his ownership pursuits.

In a statement to the pres (via the Charlotte Observer), Postolos said:

“I remain committed to becoming an NBA owner, and I’m
glad that Michael will continue to bring his talent to the sport and
the league.”

So even with Charlotte locked up, Postolos may become involved in other ownership opportunities, which given the economic environment, may be plentiful. Postolos has already shown a willingness to invest in smaller markets. With teams like Milwaukee and others bleeding money, there will be opportunities. And if Postolos is willing to keep the team in its current location, situations like Memphis (with its considerable penalties for breaking a lease with Memphis’ arena, FedEx Forum) may come available.

Keep your eye on the Postolos group as the ownership situation in the NBA continues to fluctuate.