The Pistons Are Moving Back to Downtown Detroit

25 November, 2016, 09:45 | Author: Evan Mason
  • The Pistons Are Moving Back to Downtown Detroit

Starting with the 2017-18 season, the Pistons and Red Wings will share the new Little Caesars Arena.

The development arm of the Ilitch family, Olympia Development of MI, announced Monday that the Pistons and Ilitch Holdings will hold a 3 p.m. news conference at Cass Technical High School.

National Basketball Association commissioner Adam Silver, right, speaks as Detroit Pistons owner Tom Gores listens at a news conference in Detroit, Tuesday, Nov. 22, 2016.

Ian Thibodeau of the Detroit News tweeted a picture of a banner on the side of the LCA parking garage that featured five Pistons players and "Detroit Basketball" alongside a Little Caesars logo.

The Palace of Auburn Hills is viewed before an NBA basketball game between the Detroit Lions and the Houston Rockets in Auburn Hills, Mich., Monday, Nov. 21, 2016. The arena site is about 30 miles from Auburn Hills. The Pistons will join the Detroit Red Wings at the venue when it opens in the fall of 2017.

Officials say the cost of building the Detroit Red Wings' new arena, which the Pistons will now share, has jumped by $105 million to almost $733 million.

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Oakland County Executive L. Brooks Patterson issued the following statement, responding to the impending Pistons move: "We wish the Pistons well". Over the past year, "there's been a courtship" between the Pistons' parent company, Gore's Platinum Equity LLC, and the Ilitch family, The Detroit News reported.

Illitch, meanwhile, said Gores was a "visionary' and that him deciding to bring the Pistons back into Detroit is a "watershed moment". The Detroit Downtown Development authority will use money generated by refinancing bonds it sold in 2014 to originally finance the construction of Little Caesar's Arena. "But I look forward to coming back here for an All-Star game".

A report by a University of MI economist and commissioned by Palace Sports and Entertainment estimates the economic impact of the Piston's relocation will approach 600 million dollars.

"I think we have to be really mindful of this community in Auburn Hills and their loyalty in showing up", Gores said.

While the owners of the Pistons and Palace Sports and Entertainment, Gores and his Platinum Equity group, have not yet decided the ultimate fate of The Palace, the workload is guaranteed to change once the two entities leave.

The District Detroit is one of the largest sports and entertainment developments in the country.


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