The pistons are unlikely to be sold until at least February, the company handling the sale for Karen Davidson informed buyers.
Citibank, who was hired by the widow of the late owner of pistons, Bill Davidson, to represent the franchise for sale, informed buyers last week that the agreement is unlikely to be completed until the NBA All-Star Game. Notice to prospective buyers confirmed by sources close to the agreement.
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Potential buyers are Mike and Marian Christopher Ilitch their business, Ilitch Holdings Co.; the Beverly Hills Tom Gores funder. and a group headed by George Postolos, a former leader of the NBA and the Houston Rockets.
A report from the Middle East and Dubai and Qatar investors were among the buyers had been rejected by the NBA.
The Ilitches were bidder's leader in the franchise, which is valued at approximately $ 475 million until last month, date of expiry of their exclusive rights to negotiate with Citibank and Davidson without a final agreement. Observers say it is likely that the Ilitches reduced their original bid. Some believe that the Gores is now the leading proponent.
Davidson said earlier this year the team would be sold by the start of the season. But with a dozen regional economic decline and discord threatening the start of the season labor NBA 2011-2012, it is likely that the pistons and Palace of sports and Entertainment attract bids that are significantly lower than the value of sports and leisure business, according to observers who have experience in the business of the NBA.
Some have said that the if Davidson and Citibank had been achieve something over $ 400 million in sales, they might have to wait for the recovery of the economy or seek agreement, including testing of the interest of foreign investors, especially in the Middle East and that, perhaps, the India and China, where the NBA seeks to expand its financial transactions.
Earlier this year, Commissioner of the NBA David Stern caused intense concern among pistons fans by saying that it was possible that the sale would moving duty-free. Original three bidders all said to retain Metro Detroit team.
Steve Ballmer, a leader of Microsoft, which has recently cashed in over $ 1 billion in shares of the company would not comment on its potential interest for pistons Friday. Ballmer reportedly was interested in the possession of an NBA team, and his name has been linked to a potential change of ownership of the Sacramento Kings, who have difficulty in securing funding for a new arena.
While sports business observers say moving team would be a less interesting League alternative and the franchise, the absence of an agreement to sell the team after tender initials and 30 days of negotiations with Ilitch Holdings are related to the concern, once again, on the maintenance of Metro Detroit team.
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