Palace, Olympia complete lease agreement for LCA
The Pistons’ move to downtown Detroit to play in Little Caesars Arena has been a work in progress for more than a year. Most of it has been an agreement in principle, since the official announcement in November that they were working to become partners with Olympia Entertainment, a subsidiary of Ilitch Holdings, which also owns the Red Wings.
For months, the two sides have been working on constructing the framework for a deal that would move the Pistons from The Palace of Auburn Hills, where they have played since 1988, back downtown.
Those final details were completed Tuesday after Pistons owner Tom Gores and Olympia Entertainment signed a lease agreement. Details of the agreement were not revealed, but they are being presented to the NBA’s Board of Governors Tuesday.
Palace Sports and Entertainment and Olympia Entertainment have a joint-venture agreement that will merge the two entertainment businesses into one — yet unnamed — entertainment entity.
Platinum Equity partner Mark Barnhill confirmed the completed lease agreement and joint venture to The Detroit News.
The combined entity will manage events at The Palace, Little Caesars Arena, DTE Energy Music Theatre, the Fox Theater and others.
An official announcement is expected in the next few weeks.