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Wednesday, June 2, 2010

Citi to advise Pistons sale

The Detroit Pistons released a press release Wednesday announcing Citi will be a financial advisor in the sale of Palace Sports and Entertainment and the Detroit Pistons. It's another step forward in the sale of the Pistons with this announcement "officially" putting the team on the market. Time will tell if there will be any interested buyers, but don't be surprised if this process takes a while. The full press release is below:

Citi Private Bank Sports Advisory (Citi), has been engaged as financial advisor in connection with the sale of Palace Sports & Entertainment, Inc., and the Detroit Pistons Basketball Company. The National Basketball Association has been informed of the engagement and that Citi is in contact with a number of interested parties. Given the confidential nature and unpredictable timeframe of any negotiations, neither the owners nor the management of The Palace and the Pistons will be commenting further on this process until there is substantive news to report.


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