detroit pistons

Pistons at the Palace of Aubrun Hills
Kevin Ward

Marc Stein of ESPN was the first to report the news:

The Detroit Pistons, as widely expected, fired coach Lawrence Frank on Thursday.

The dismissal of Frank has been expected for some time, after the young Pistons lost 27 of 36 games in the second half of the season before winning four of their final five.

Frank guided the Pistons to a 29-53 mark this season and was 54-94 overall in two campaigns.

Stein reports Frank "went to the playoffs three times in six seasons coaching the New Jersey Nets before his dismissal in 2009, then worked as an assistant in Boston under Doc Rivers."

Kevin Ward / Flickr

Many fans of professional basketball are disappointed that the ongoing contract dispute between players and owners may end up canceling this year’s NBA season. But in Auburn Hills, the home of the Detroit Pistons, disappointment is turning into desperation.  

Many businesses in Auburn Hills rely on the 41 games the Pistons play at the Palace each season. Pete Auger is the Auburn Hills city manager. He says the local economy supported by the games is more than just the thousand people who work at the Palace. 

“You also have restaurants and bars that thrive off of those dates that you get 20-22,000 people coming to one location. All those locations are reporting to us their business is down 40 to 60 percent," says Auger.  

Auger says the city is also missing the exposure that comes from having a pro-sports team identified with the community. That lack of exposure may continue for a while. NBA players this week rejected the owners’ latest offer and that may result in the entire season being canceled.

Detroit Pistons sold

Apr 8, 2011
(courtesy Detroit Pistons)

 

The Associated Press reports a Los Angeles financier is the new owner of the NBA's Detroit Pistons. 

Billionaire investor Tom Gores has agreed to buy the Detroit Pistons and other properties. The tentative deal announced Friday must be approved by the NBA.  It includes the team, The Palace of Auburn Hills and DTE Energy Music Theatre. Gores is buying the properties from Karen Davidson, who became the owner after her husband, Bill, died in March 2009. Gores is the chairman and CEO of Platinum Equity.

CBSSports.com is reporting that the final deal to sell the Detroit Pistons will be completed by the middle of April.  The NBA franchise has been on the block since the death of longtime owner Bill Davidson. There have been many suitors, but it appears the winner is billionaire Tom Gores.  

CBSSports senior writer Ken Berger says the sale could be made official in a few weeks. 

Word in league circles is that negotiations to sell the Pistons to billionaire Tom Gores are far enough along to expect the matter to come to a vote by the Board of Governors April 14-15 in New York. League approval will be a welcome development for the organization, whose basketball operations department was paralyzed by the proposed sale. The Pistons are one of a handful of teams not to complete a single roster transaction this season. 

One stumbling block that has slowed the sale of the Pistons is the question 'How much is the franchise actually worth?' Forbes recently reported the value of the franchise has dropped about 25%.

Pistons at the Palace of Aubrun Hills
Kevin Ward

There's been a lot of talk about who might buy the Detroit Pistons.   Several people with close ties to Detroit have been said to be considering paying as much as a half billion dollars for the NBA franchise.   But there's word now that Middle Eastern investors may be in the mix.

Here's the story from The National of Abu Dhabi:

Investment groups in Abu Dhabi, Dubai and Qatar are in separate discussions to buy the Detroit Pistons basketball team, which has been valued at close to US$500 million (Dh1.83 billion).