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Report: Mike Ilitch to buy Pistons

Updated: October 5, 2010, 3:50 PM ET
Associated Press

DETROIT -- The Detroit Pistons have found a new owner and he knows Motor City sports.

The Pistons have decided to sell the team to Detroit Tigers and Detroit Red Wings owner Mike Ilitch, a person involved with the process said Tuesday. The person, who spoke to The Associated Press on the condition of anonymity because of a confidentiality agreement, said both sides were negotiating financial terms.

Forbes last year valued the team at $479 million, but a weak economy, the threat of ...

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