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Mike Duggan, Chris Ilitch, Tom Gores at press conference in November
Pistons owner Tom Gores may be a big Detroit booster, but his club's dismal financial losses last season may help explain his eagerness to move from the suburbs this year to the new Little Caesars Arena in downtown Detroit.
The team lost $63.2 million before collecting revenue sharing last season, the largest loss by a wide margin, despite being one of the NBA's larger markets, ESPN reports. The team received $17.6 million in revenue sharing to help offset the losses.
Of course, it didn't help that the team failed to make the playoffs.
Brian Windhorst and Zach Lowe of ESPN write:
Such shortfalls help explain why the Pistons wanted to move out of a building their parent company owned far into the suburbs and relocate to a new arena in downtown Detroit this season, hoping that it helps boost revenue.
The Pistons were among nine NBA teams that lost money even after revenue sharing and luxury tax payments. The other teams include: Atlanta Hawks, Brooklyn Nets, Cleveland Cavaliers, Memphis Grizzlies, Milwaukee Bucks, Orlando Magic, San Antonio Spurs and Washington Wizards.
While basketball remains a popular sport, it may have lost popularity since the days of Michael Jordan, Magic Johnson and Larry Bird.
