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Citigroup Retained To Assess Value Of Pistons

Citigroup Retained To Assess Value Of Pistons

According to the Free Press, New York-based Citigroup (NYSE: C) has been retained to assess the value of the Pistons. The site has quoted sources close to the situation as saying that C, which is currently going over the books, may finally place the franchise for sale.

The source, which wished to remain unidentified, said that the team, however, is not up for sale. The owner of the team, Karen Davidson, had talked about the possibility of the sale of the franchise on January 20 during the halftime of the Pistons-Celtics game at the Palace. Karen had said that she was still undecided as it was a huge decision to sell the franchise that had won three NBA championships for her late husband. Moreover, she wanted a real engaged and enthusiastic owner. Karen had assumed control over the franchise after the death of her husband on March 13, 2009.

According to Forbes, the estimated value of the franchise is $479 million, which is the fourth highest in the NBA.

Read more from Benzinga's Markets.

Posted-In: Free Press Karen Davidson pistonsNews Rumors Markets Media


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