Detroit Pistons Owner Tom Gores, Ilitch Holdings, Inc. President and CEO Christopher Ilitch and Detroit Mayor Mike Duggan announced today agreements under which the Pistons will move to downtown Detroit and begin playing at the new Little Caesars Arena starting next season.
The move will include construction of a new state-of-the-art Pistons practice facility and corporate headquarters that will bring substantial new investment and economic activity to the city, and a comprehensive community benefits plan that will bring millions of dollars more into Detroit neighborhoods.
"This is a historic day for our franchise, and for the City of Detroit," Mr. Gores said. "We're moving to a beautiful new arena that will provide a state-of-the-art fan experience, and we're investing in the future of Detroit.
With the Pistons and Red Wings playing under one roof just blocks from the Tigers' Comerica Park, and Ford Field, home to the Lions, Detroit will be the only North American city to have each of the four major professional sports leagues housed within four blocks in its urban core.
The Pistons are currently playing their 29th and final season at The Palace of Auburn Hills and will honor that history throughout the season in a series of special event nights highlighting the players, championships and special moments that made The Palace one of the nation's premier venues.
The Pistons' move is subject to approval by the NBA, and is expected to be presented to the league's Board of Governors sometime after the first of the year.
Fiscal and economic impact
From an economic standpoint, the move by the Pistons will provide substantial benefits to the local economy, which is already getting a shot in the arm from The District Detroit, a $1.2 billion sports and entertainment development.
Relocating the Pistons and building a new practice facility and corporate offices will generate an additional $596.2 million in estimated total economic impact in Metro Detroit and create more than 2,100 jobs, according to a study by the University of Michigan Center for Sport and Policy commissioned by PS&E.