Podcasts & RSS Feeds
Most Active Stories
- Budget deficit forcing school officials to close Albion High School
- The top 10 high schools in Michigan (according to two magazines)
- You have to see this stunning video of Michigan's Northern Lights
- Are people in Ironwood really afraid of wolves? (part 2)
- The 15 Michigan schools running the biggest deficits
Thu December 2, 2010
The Abu Dhabi Pistons? Middle Eastern investors are eying Detroit's NBA team
There's been a lot of talk about who might buy the Detroit Pistons. Several people with close ties to Detroit have been said to be considering paying as much as a half billion dollars for the NBA franchise. But there's word now that Middle Eastern investors may be in the mix.
Here's the story from The National of Abu Dhabi:
Investment groups in Abu Dhabi, Dubai and Qatar are in separate discussions to buy the Detroit Pistons basketball team, which has been valued at close to US$500 million (Dh1.83 billion).
Negotiations are "ongoing" for a potential Middle East buyout of the franchise, said David Stern, the commissioner of the National Basketball Association (NBA).
"The interest and discussions have taken place in reference to Dubai, Abu Dhabi and Qatar. There is more than one discussion," Mr Stern said.
"That is a team that has been, and is having negotiations with different potential investors," he added, declining to name the parties involved.
Mikhail Prokhorov, the Russian billionaire, recently bought the New Jersey Nets franchise, marking the first foreign ownership of an NBA team. This purchase "ignited and catalysed" foreign interest in ownership of the teams, said Mr Stern.
"We are either in direct or indirect discussions with at least three buyers in the Middle East over their interest in acquiring NBA franchises," he said. "We are mindful that of the 20 teams in [English Premier League football], 10 are owned by investors outside the UK."
The NBA is also considering the UAE as one of several possible locations for the formation of its Middle East headquarters.