The Pistons are officially that beat-up Camaro at the end of the street that's been on the block for two months. The "For Sale' sign has faded with dust and things are starting to grow around the wheels. Despite Tom Gores having been the sole negotiating party with Karen Davidson's ownership group for months, the team has still not changed hands. From the Detroit News:
Nearly 15 months after Bill Davidson's widow began talking about selling the Pistons, Gores and her agent, Citi Private Bank, still are negotiating.via Frustration grows as talks drag on between Pistons, Tom Gores | detnews.com | The Detroit News.
In fact, some close to the negotiators say that not only is no agreement imminent, Karen Davidson's fatigue and frustration are growing.
One source close to Davidson last week said the process is so utterly problematic, she feels as though she has lost control of it. Her concern, in part, is that while Gores continually requires more information, too few details of an agreement are in place, despite more than two months of exclusive negotiations.
While the NBA is looking for a purchase price that reflects its valuation of the franchise, $420 million, the negotiations have yet to yield a path to that price or one more agreeable to Gores.
Much remains in play, sources say, including whether Davidson and Bill Davidson's children will retain a portion of the franchise or are paid significant revenue from the entertainment properties, including the DTE Energy Music Theater.
"It just shows how complex these dealings remain, even after all that has been discussed," a source close to the negotiations said.
The Pistons need this thing to end from about a billion angles. It's a PR nightmare, it's bad for business, it looks bad to the fans. It also handcuffs Joe Dumars from being able to make basketball decisions as ownership needs as stable an environment as possible for the move to go through. You have to wonder how all the strife in the Pistons would have gone down this season had the ownership situation been different.
Meanwhile, the NBA continues to remain involved in the process, complicating the process.
Why is it that the league has so much involvement in a situation like the Pistons', and so little involvement in situations like the sale of the Sonics to Clay Bennett, the continuing antics of Donald Sterling, ore the ongoing negotiations between Anaheim and the Kings despite the Kings still owing Sacramento over $70million?
Just a question.