The Detroit Free Press announces
A one-time NBA executive has emerged as a potential bidder for the Pistons.
The Free Press has learned that businessman George Postolos met with the ownership group Wednesday and has emerged as a potential buyer of the Pistons, according to multiple sources.
The sources requested to remain anonymous due to non-disclosure agreements with the ownership group.
Postolos, a former special assistant to league commissioner David Stern, is currently president and CEO of The Postolos Group LP, a company that helps with the acquisition of sports franchises.
This won’t be the first time he has tried to purchase a franchise. He also tried to buy the Charlotte Bobcats, who recently were purchased by Michael Jordan.
A call to Postolos’ office was not returned.
With that there are two known bidders —Wings and Tigers owner Mike Ilitch, who announced his intentions during a media teleconference Monday.
Read more: Another potential buyer emerges for Detroit Pistons | freep.com | Detroit Free Press http://www.freep.com/article/20100812/SPORTS03/100812048/1051/rss16#ixzz0wRLOjHRJ
My own personal take on this is that the Houston Rockets have been ahead of the game on data, or at least that is what this article about Shane Battier describes. Maybe he will seek to bring this kind of basketball to the motor city. If so, I wonder if that will be good or bad for Joe D. One thing that may be bad for everyone here is the failure to commit to keeping the team in Detroit. He may be all about keeping it here, but it wasn't in the statement, and given the climate you'd think it should be. Also bad is the fact that it isn't Illitch, but we'll see if this guy actually is going to out bid Mr. Hot and Ready, and whoever else may be in the running.
The Detroit News Reports:
Postolos met with Palace Sports and Entertainment officials this week.
"I am bullish on the NBA, the Detroit Pistons and Palace Sports and Entertainment," Postolos said to The Detroit News in an email. "I have nothing more to say for now."Postolos lost a bid to purchase the Charlotte Bobcats earlier this year. The Bobcats were sold to a group that included Michael Jordan as a minority owner.
Postolos is president and CEO of The Postolos Group LP, an investment firm based in Houston that seeks to acquire sports teams.
On Monday, Red Wings and Tigers owner Mike Ilitch announced his intentions to pursue ownership of the Pistons.
Postolos, 46, was president of the Rockets beginning in 1998, amid a difficult relationship between the city and the franchise. When he left in 2006 the situation had improved markedly.
Rockets owner Leslie Alexander was pushing for a new downtown arena. Alexander did not deny that the team might leave town if significant public money was not spent on the arena. When voters rejected a referendum on the spending, relationships with the public, governments and sponsors were fractured.
Later, after Postolos was credited with giving the franchise a more responsive outlook -- and with Alexander putting up more money -- a second spending referendum was approved by a nearly two-to-one margin.
After leaving the Rockets, Postolos started The Postolos Group. Sports industry sources said he likely would need partners to put together a deal to purchase the Pistons, a franchise valued at about $475 million.
The Detroit News reported Wednesday that in addition to the Ilitches, at least two other entities are bidding on the Pistons.
From The Detroit News: http://detnews.com/article/20100812/SPORTS0102/8120473/1127/rss13#ixzz0wROMcZkm
Investment firm? Sounds like someone trying to make a profit, I hope that means it's someone who is also trying to win.