Karen Davidson: Pistons are for sale

Auburn Hills -- Pistons owner Karen Davidson confirmed Wednesday she's pursuing steps to sell the team.

In a one-sentence statement issued through a public relations agency, Davidson said: "I'm pleased, as noted by Oscar Feldman, that the limited partners concur in my decision into inquiring about selling the team."

Feldman, a former minority owner, told The News on Tuesday, that rumor of the team being for sale was "the word around town."

The News reported Davidson was looking to sell the team in a story first published on detnews.com Sunday.

Pistons officials wouldn't comment on Davidson's statement.

Sitting at her courtside seat at The Palace at halftime of the Pistons-Celtics game Wednesday, Davidson reiterated her earlier statement, saying: "We're looking into the possibility of inquiring about selling it. But there's nothing definite. We're just looking into it."

Davidson took over ownership of the Pistons last year after the death of her husband, Bill.

Ben Wallace, who's been through the gamet of good and bad times with the Pistons, wasn't too shocked at the news.

"Eventually most teams are going to change and make changes," said Wallace, who left Detroit to play for Chicago and Cleveland before returning this season. "In this league, players change. Teams change owners. Teams even change locations now."

Whatever happens with ownership, the Pistons can't let it affect them on the court.

"It's just one of those things," Wallace said. "We have to take it for it's worth and continue to do our jobs."

The Davidson estate is estimated to be worth $4 billion. Along with the Pistons and Palace Sports and Entertainment, Davidson owns Guardian Industries, a worldwide glass supplier.

Forbes Magazine listed the Pistons as the fourth most valuable team in the 30-team NBA -- trailing only the Lakers, Knicks and Bulls. The magazine valued the Pistons at $479 million, although it's doubtful in the present economy, the franchise could fetch that much.

Still, the fact the next owner could also own The Palace could possibly quicken the sale.

Along with the potential sale of the Pistons, it appears Davidson and Palace Sports and Entertainment also must deal with getting their hockey team back.

Sources both in the NHL and at The Palace believe ownership of the Tampa Bay Lightning could revert back to Davidson as early as Feb. 15, although the Lightning wouldn't confirm any deadline.

The current ownership in Tampa has been trying, with the help of the NHL, to find either more investors or another buyer. Those efforts are ongoing. But the bosses at Palace Sports and Entertainment are girding for the inevitable return of the team they sold in August 2008.

They knew all along this scenario was possible and never really completely cut ties with the Lightning. The sale price was roughly $200 million. The current ownership group, led by Oren Koules and Len Barrie, could only come up with about $95 million.

Tom Wilson, CEO of Palace Sports and Entertainment, was so desperate to dump the Lightning, he convinced Bill Davidson to loan Koules and Barrie the balance of the sale price. So, essentially, Palace Sports and Entertainment has held the mortgage on the hockey franchise, collecting a monthly payment, since the sale was approved.

The NHL wasn't thrilled with that arrangement and didn't approve the sale until Davidson agreed he would take back the franchise if the new owners defaulted on the loan.

Not only have Koules and Barrie had trouble making the monthly loan payments, they also have fallen behind on operating expenses.

Barrie, in a frantic attempt to raise money, got himself in trouble by leveraging some of his retail property (Bear Mountain Resort).

So the league, already operating the Phoenix franchise, is now overseeing the daily operations of the Lightning.

The Lightning could be lumped on to a sale package along with the Pistons and Palace Sports and Entertainment, making a sell tougher.

This is a nightmare scenario for NHL commissioner Gary Bettman, as well.

The Tampa franchise has to be sold, but the last thing he wants is to transfer ownership twice to Davidson and then to whoever might buy it from her.