July 22, 2014 at 1:00 am

Pistons not currently evaluating possibility of moving downtown

The Palace opened in 1988. (Gregory Shamus / Getty Images)

Mark Barnhill, senior partner at Platinum Equity, issued a statement Tuesday reflecting the sentiments of Pistons owner Tom Gores, in light of the Ilitch family unveiling plans for a $650 million entertainment district downtown.

The Pistons are the lone pro sports team in Detroit that isn't downtown, and they are not currently weighing the possibility of moving from The Palace of Auburn Hills, Barnhill said.

"We have a beautiful arena, and we have invested tens of millions of dollars over the past three years to modernize and improve that facility," said Barnhill in the statement. "At the same time, we would never close the door on alternatives if they made good sense for our fans, for our team, for our business and for Michigan."

The Palace is the only arena among the four used by Detroitís pro sports teams that was built solely by private funds -- by late owner William Davidson in the 1980s.