Ilitch purchase of the Pistons a no-go; team won’t be sold till after All-Star break

Citibank said the Detroit Pistons will not be sold until after the NBA All-Star game. Pistons owner, Karen Davidson, the widow of Bill Davidson,  hired Citibank to represent the franchise during its sale .

The time line of the projected sale means that Detroit Red Wings and Tigers owner, Mike Ilitch will not become a triple threat. Ilitch scored an exclusive agreement to negotiate the sale of the team, but the deal expired after one month without a deal reached.

Davidson and Citibank said if they could not find a buyer willing to pay an excess of $400 million for the Pistons, they may have to wait until the economy rebounds or sell the team to a foreign investor. The Pistons have already sparked the interests of Middle East investors, making many fans worry that the Pistons will have to relocate.

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