Tom Gores loses out on Pistons?

Mike Ilitch, who already owns the Detroit Red Wings and Detroit Tigers, is in exclusive talks to buy the Pistons and the Palace sports arena, reports the Detroit Free Press. While not yet a done deal, the discussions would appear to be ending the hopes of L.A. billionaire Tom Gores, who at one time was considered a front-runner. Gores grew up in Michigan and still has attachments to the area. If a deal with Ilitch isn't done by November, the Pistons can reopen the process to other bidders.

Among the possible hurdles include what has happened business-wise in the past few months. The initial bids, submitted in early September, were predicated on projections regarding season-ticket and suites sales, concert bookings at DTE Energy Music Theatre and similar things. If those revenues have plunged -- or increased -- one side might want to negotiate the bid price up or down.