Breaking news -- Ilitch Wants to Buy the Pistons

[BShea]

How Ilitch likely would finance a Pistons deal and other significant details [[2 separate blog entries):

http://www.crainsdetroit.com/shea

[R8RBOB]

This from Brooks......

"I'm delighted that a respected local businessman, Mike Ilitch, has expressed interest in the Pistons and Palace Sports and Entertainment," Patterson said. "I will do my best to encourage Mr. Ilitch to keep the Pistons in The Palace of Auburn Hills."

From The Detroit News: http://www.detnews.com/article/20100...#ixzz0w8ksLpz6

I think Brooks is really frowning on this. He watched the Lions pack up and get on I-75 South and sometime in the near future the Pistons may be doing the same.

[Lowell]

"It’s believed that the Ilitches want the Wings and Pistons to share a joint-use arena, possibly built north of I-75 along Woodward Avenue, not far from Comerica Park"

My little birdies have been chirping this all along. I cite this discussion in 2006 on the old forum as instructive. And again in 2008.

Nice work Bshea on breaking this and with your quick follow ups!

Here is the Joe dropped into the footprint from the first discussion. Plenty of room.


The idea makes all kinds of sense for the Ilitch empire, with united parking, and now the new light rail, the high visibility and grandeur of Woodward. Need I go on?

[R8RBOB]

"It’s believed that the Ilitches want the Wings and Pistons to share a joint-use arena, possibly built north of I-75 along Woodward Avenue, not far from Comerica Park"

My little birdies have been chirping this all along. I cite this discussion in 2006 on the old forum as instructive. And again in 2008.

Nice work Bshea on breaking this and with your quick follow ups!

Here is the Joe dropped into the footprint from the first discussion. Plenty of room.


The idea makes all kinds of sense for the Ilitch empire, with united parking, and now the new light rail, the high visibility and grandeur of Woodward. Need I go on?

The old Motown location is a perfect location. That is why Ilitches has used as a parking lot. No development......perhaps he saw potential of having the arena basically around the street from the stadiums.

[Gistok]

The old Motown location is a perfect location. That is why Ilitches has used as a parking lot. No development......perhaps he saw potential of having the arena basically around the street from the stadiums.

I think he still would prefer it behind the Fox, where he owns all but about 10 parcels west of the buildings along Park Ave. [[between Montcalm and Adams).

By mentioning the Midtown site, he has some leverage against the west Foxtown holdouts. If they don't sell, he'll likely box those holdout sites in with parking structures... and that'll make those holdout sites much less valuable.

[TKshreve]

Whew! *wipes sweat off brow*

For a second I was afraid that the Freep started cleaning up their comments section. Took me a while to find this gem.

Congress must pass a law forbidding any single entity from owning more than 2 major sports teams.
Moving the team to the D is a horrible idea, the Palace is first class . Look at the nightmare of parking and driving into the D already. Ilitch already ripped the Tigers out of Tiger Stadium which ceretainly could have been remodled[[ Fenway Park ). And Ilitch did that solely to prop up his other failing D businesses - Foxtown.
The D is the sewer of America, our own fourth world " city". Bringing all the teams downtown will do nothing to cure the demise/dissolution .
We have 3 teams downtown due to moronic owners. Enough already, no sale to the Ilitchs !!!!!
No smelly urine reeking bums & other able bodied beggars around the Palace, no risking your life nad family to see a basketball game. The Palace rules ! Detroit is dissolving right before our eyes, nothing can save it. There is no valid reason to live there.

OK - I know this guy is not here to defend himself, however I would like to point out a couple things regarding his post if anyone else feels similar.

A- Parking and driving could not be any worse than it is at the Palace. Boy do I love waiting in line to leave that parking lot. Can't tell you the amount of times I've ducked inbetween two cars to relieve myself because there was a good 30 minute wait to file out of there like a herd of cows.

B- Foxtown is not failing.

C- Tiger's Stadium may have been a relic to many around here, but they did a pretty good job with Comerica [[barring the name of course), especially with the sky line view. Fun place, very accessible and great fan morale all around the stadium.

D- I don't risk my life to see hockey and baseball games. Ever. In fact the downtown area is not bad at all to walk around at night. I like the city at night.

E- Basketball sucks. Why don't you find a sport that Detroit is good at and stick with it? We have a couple. Why does sports radio pander to the Lions and Pistons when we have an incredible hockey team who performs every year? That's the sad lining here.

F- If this guy ever needed an a$$h0le transplant, the a$$h0le would reject him.

[detroitbob]

In spite of all those who dislike Illitch for what ever reasons, this is a wonderful statement by a local business man of his and his companies faith in the City...I expect some stoning from the usual crowd rehashing everything that they don't like individually or collectively about the preceived evil empire and frankly I suggest you put up your money instead of complaining. This may provide the tie in between the Fine Arts facade, the UA Building and Theatre, the Elks Bldg, etc. up to Masonic Temple district and I can finally see the potential that could happen.
I have always been one of the few who felt this would all tie together and hopefully he will get the Pistons. Now I shall move away--hopefully from the reach of thrown objects.

[p1acebo]

OK - I know this guy is not here to defend himself, however I would like to point out a couple things regarding his post if anyone else feels similar.

A- Parking and driving could not be any worse than it is at the Palace. Boy do I love waiting in line to leave that parking lot. Can't tell you the amount of times I've ducked inbetween two cars to relieve myself because there was a good 30 minute wait to file out of there like a herd of cows.

B- Foxtown is not failing.

C- Tiger's Stadium may have been a relic to many around here, but they did a pretty good job with Comerica [[barring the name of course), especially with the sky line view. Fun place, very accessible and great fan morale all around the stadium.

D- I don't risk my life to see hockey and baseball games. Ever. In fact the downtown area is not bad at all to walk around at night. I like the city at night.

E- Basketball sucks. Why don't you find a sport that Detroit is good at and stick with it? We have a couple. Why does sports radio pander to the Lions and Pistons when we have an incredible hockey team who performs every year? That's the sad lining here.

F- If this guy ever needed an a$$h0le transplant, the a$$h0le would reject him.

He is obviously just a troll and doesn't know what he is talking about.

[BagAJellyDonuts]

Hope he gets the Pistons.

Hope he doesn't expect the public to foot the bill for the new arena.

Hope the public isn't so clueless to see that buying sports arenas doesn't fix root causes of the real problems.

[BShea]

Hope he gets the Pistons.

Hope he doesn't expect the public to foot the bill for the new arena.

Hope the public isn't so clueless to see that buying sports arenas doesn't fix root causes of the real problems.

As I wrote a couple of times, it's likely the Ilitches we seek some level of public financing. My guess is that a new arena would follow the same path charted by Comerica Park and Ford Field -- owned by the Detroit-Wayne County Stadium Authority, leased to the county and then subleased to the teams.

Ilitch paid something like $185 million in his own money and financed money to build Comerica. The rest was public financing via the tourist tax bonds approved by votes in 1996. Perhaps that could be extended to cover a new arena? I believe Cleveland/Cuyahoga County extended its sin tax to help finance Cleveland Browns Stadium.

Comerica and Ford Field also had corporate investment. I think there would be some of that for a Wings-Pistons facility. The DDA, Michigan Strategic Fund and Wayne County also put up direct money. I don't believe the city put up general fund money.

[Detroit Stylin]

E- Basketball sucks. Why don't you find a sport that Detroit is good at and stick with it? We have a couple. Why does sports radio pander to the Lions and Pistons when we have an incredible hockey team who performs every year? That's the sad lining here.

Remember June 2004

[bartock]

This from Brooks......

"I'm delighted that a respected local businessman, Mike Ilitch, has expressed interest in the Pistons and Palace Sports and Entertainment," Patterson said. "I will do my best to encourage Mr. Ilitch to keep the Pistons in The Palace of Auburn Hills."

From The Detroit News: http://www.detnews.com/article/20100...#ixzz0w8ksLpz6

I think Brooks is really frowning on this. He watched the Lions pack up and get on I-75 South and sometime in the near future the Pistons may be doing the same.

Of course Brooksie should be frowning upon this, it is his job. He represents his constituents, and many of those liked the Lions in Pontiac and will prefer the Pistons in Auburn Hills. He'll reresent the OC, even if it is bellyaching, and will probably mention in several ways how Davidson used virtually all private funds to build the Palace. If they do build a new stadium downtown, someone made a good point about AH possibly getting the Wings and Pistons for the next several years anyway.

The Pistons come as a package with Palace Entertainment, right? I don't know the numbers, so let me scream out loud that this is pure conjecture, but a huge upside for Illitch in a purchase like this would seen to be a virtual monopoly on mid-size - plus entertainment in Metro Detroit. There is also the almost certain benefit of significant public $$ coming to build the dual stadium downtown.

Interesting to see what could be done with Cobo/additional waterfront once the Joe is gone.

[401don]

Both the Palace and Joe Louis oddly enough do not have naming rights. A new arena with two tenants downtown might fetch as much as 75 million for a long-term deal, as most arenas get 2-3 million per year for one tenant. In turn, he could sell rights to the Palace for a much lesser amount, maybe a million per year.
I do think it will be tough to keep the Palace profitable on concerts alone, especially with some competition now from the Silverdome as well.

[emu steve]

I'm sure Brooks Patterson is fuming, but I don't care-- I want this to happen. It will be a local owner who will keep the team in Detroit, what's more they are willing to move the team downtown, this can help bring more economic activity downtown, bring jobs to the area, construction, restaurants, and more.. Mayor Bing needs to publicly declare his support for this, regardless of Brooks' inevitable rant.. Just remember, "It's just business, nothing personal!"

Agree.

I doubt there is much sympathy for Brooks on this forum.

[Detroit Stylin]

Agree.

I doubt there is much sympathy for Brooks on this forum.

Brooks had what...about twenty years of go- go-pro Oakland business poaching at the expense of Detroit? He's a businessman by position, he should know everything comes in cycles....

[emu steve]

"It’s believed that the Ilitches want the Wings and Pistons to share a joint-use arena, possibly built north of I-75 along Woodward Avenue, not far from Comerica Park"

My little birdies have been chirping this all along. I cite this discussion in 2006 on the old forum as instructive. And again in 2008.

Nice work Bshea on breaking this and with your quick follow ups!

Here is the Joe dropped into the footprint from the first discussion. Plenty of room.


The idea makes all kinds of sense for the Ilitch empire, with united parking, and now the new light rail, the high visibility and grandeur of Woodward. Need I go on?

There goes my Tigers parking space.

But I've heard of the expression, "highest and best use" pertaining to appraisals.

For our threads about the financial viability of a new arena, the number of athletic events would double.

That would mean 2x as many nights for sports fans to come and eat, etc. before the game.

BTW, I bet price for parking at Tigers game will rise. The "Lowell Site" eats up a lot of 10 - 15 buck parking spaces.

More will be forced to park behind the Fox at probably higher rates.

[R8RBOB]

IMO, I can't see Ilitch buying the Palace. Here me out for a sec.

Ilitch wants a new arena in FoxTown. Now he will have to put some money to get the ball rolling. He did it with Comerica Park, he will do it for the new arena. That said, why would he buy another arena knowing that he will have vacate it for the new arena. Now it Big Mike got that kind of money then more power to him but from a financial point of view, it would be money wasted.

[401don]

Davidson would have to be insane to sell the Pistons without the Palace.

[Detroit Stylin]

Widow Davidson doesnt seem to be too business savvy.....

[jackie5275]

Widow Davidson doesnt seem to be too business savvy.....

I think she just wants to dump the whole thing.

[Detroit Stylin]

I mean when you take a money maker like the shock who consitently won championships I guess that does say alot...

And that had always been my thoughts concerning her anyway...

[wolverine]

Now, imagine if Illitch made a pizza that didn't taste like one of his parking lots...

I laughed real hard at this. I hadn't had a Little Caesars Pizza in over a year. Picked on up today and it still tasted like sh!t. I probably still buy one again......

[313WX]

Is this region so hard up that one guy can have a monopoly on sports teams?
I would think Ilitch has got enough on his plate with the Tigers and Red Wings.
I'd rather have one person concentrate on making the Pistons a winner again.

On the other hand, all of this will probably hold the best potential of the Pistons ever returning downtown.

If that's what it takes, as one person can make a big difference.

[p1acebo]

On the other hand, all of this will probably hold the best potential of the Pistons ever returning downtown.

If that's what it takes, as one person can make a big difference.

I agree, the Palace is a nice building but it is in the middle of no where and traffic is HELL trying to leave from a pistons game. It would be sweet if they played downtown.

[smogboy]

Widow Davidson doesnt seem to be too business savvy.....

I would say she's VERY business savvy. From what I heard earlier, there's some estate tax thing that would slap her senseless if she doesn't try to sell some of this stuff by year's end.

And quite honestly, she's going to have more money than she knows what to do with. Her heart just isn't into running a team like her late husband, Bill. Why hang onto something one has no conviction with other than to possibly "safeguard" the memory of your husband?