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The Detroit Pistons are being sold off to Little Caesars pizza mogul, Mike Ilitch, for an undisclosed amount, reports NBA.com.
Billionaire widow Karen Davidson gained control of the team after her husband died last year. He had owned the team since the late 1950s after purchasing it for just $6 million.
The Pistons was sold to Ilitch, who already has experience in the sports world. He already owns the Detroit Tigers and Detroit Red Wings. Details about the deal were unknown at press time. However, a person close to it said both sides were negotiating financial terms.
According to the Associated Press, Forbes valued the team at $479 million last year, but a weak economy, the threat of an NBA lockout next year and a motivated seller, could likely mean the price will be lower.
Ilitch previously said he was motivated to buy the Pistons, in part to make sure another buyer didn't move the NBA club out of town.
If the sale is finalized, the 81-year-old business mogul would be the only person to own and control teams in three of North America's four major professional leagues. He won't be the first though ... Ted Turner once owned the Atlanta Braves, Hawks and Thrashers.
"You're not going to find a better owner," Tigers manager Jim Leyland said last month. "He hires people, lets them do their jobs and he's not afraid to spend money."
Ilitch bought the NHL's Red Wings in 1982 for a reported $8 million. Since he purchased the team, he turned them into one of the best hockey teams of the past two decades, with four Stanley Cups and 19 straight postseason appearances -- the longest active streak in sports, said reports.
He added to his sports resume in 1992 with the purchase of the Tigers for about $85 million. While they've struggled for years, they made a surprise run to the 2006 World Series and having only one losing mark the past five years.
The AP says the Pistons accepted bids from at least three suitors in June, and again earlier this month.
In their history in the NBA, the Pistons have won three NBA championships -- one in 1989, another in 1990, and the last being in 2004 against the Los Angeles Lakers.
They made an appearance in the Finals in 2005, but lost against the Spurs. The Pistons were recently swept by the Cleveland Cavaliers in four games in the first round of the 2009 NBA Playoffs. It was the first time the Pistons had been eliminated in the first round of the playoffs since 2000.
Last season, they missed the Playoffs and landed last in the Central Division. With a 27-55 record, it was their worst record since 1994.
Billionaire widow Karen Davidson gained control of the team after her husband died last year. He had owned the team since the late 1950s after purchasing it for just $6 million.
The Pistons was sold to Ilitch, who already has experience in the sports world. He already owns the Detroit Tigers and Detroit Red Wings. Details about the deal were unknown at press time. However, a person close to it said both sides were negotiating financial terms.
According to the Associated Press, Forbes valued the team at $479 million last year, but a weak economy, the threat of an NBA lockout next year and a motivated seller, could likely mean the price will be lower.
Ilitch previously said he was motivated to buy the Pistons, in part to make sure another buyer didn't move the NBA club out of town.
If the sale is finalized, the 81-year-old business mogul would be the only person to own and control teams in three of North America's four major professional leagues. He won't be the first though ... Ted Turner once owned the Atlanta Braves, Hawks and Thrashers.
"You're not going to find a better owner," Tigers manager Jim Leyland said last month. "He hires people, lets them do their jobs and he's not afraid to spend money."
Ilitch bought the NHL's Red Wings in 1982 for a reported $8 million. Since he purchased the team, he turned them into one of the best hockey teams of the past two decades, with four Stanley Cups and 19 straight postseason appearances -- the longest active streak in sports, said reports.
He added to his sports resume in 1992 with the purchase of the Tigers for about $85 million. While they've struggled for years, they made a surprise run to the 2006 World Series and having only one losing mark the past five years.
The AP says the Pistons accepted bids from at least three suitors in June, and again earlier this month.
In their history in the NBA, the Pistons have won three NBA championships -- one in 1989, another in 1990, and the last being in 2004 against the Los Angeles Lakers.
They made an appearance in the Finals in 2005, but lost against the Spurs. The Pistons were recently swept by the Cleveland Cavaliers in four games in the first round of the 2009 NBA Playoffs. It was the first time the Pistons had been eliminated in the first round of the playoffs since 2000.
Last season, they missed the Playoffs and landed last in the Central Division. With a 27-55 record, it was their worst record since 1994.