Magic ready to buy into Pistons, if asked

Aug. 14, 2010 at 11:43 AM
share with facebook
share with twitter
| License Photo

DETROIT, Aug. 14 (UPI) -- None of the prospective buyers of the Detroit Pistons has had any comment on Magic Johnson's statement that he is interested in a minority stake in the team.

Johnson told on Friday that he would consider joining one of the four ownership groups looking at the team; however it was not clear that he would be getting such an invitation, the Detroit News said Saturday.

The Pistons are being perused by groups led by the Mike Ilitch family, Beverly Hills billionaire Tom Gores and Houston businessman George Postolos. The fourth group is said to be based in the United Arab Emirates, the newspaper reported.

None of the groups had any comment on Johnson's statements, and the Michigan native, who owns 5 percent of the Los Angeles Lakers, told he had not been contacted by either the buyers or current Pistons owner Karen Davidson.

The News said the Pistons are valued at about $475 million, although some analysts aren't convinced the price would be that high due to the weak economy in Michigan and the possibility of an NBA player lockout in the 2011-2012 season.

Related UPI Stories
Trending Stories