Citigroup (NYSE:C) Hired by Detroit Pistons to Value Company in Preparation for Sale

The Detroit Pistons have hired Citigroup (NYSE:C) to determine what the basketball franchise is worth in anticipation of current owner Karen Davidson selling the team.

Davidson took over ownership a little over a year ago when her husband passed away. She had communicated early in 2010 she was contemplating selling the storied franchise, which had won three NBA championships while her husband owned them.

At this time Citigroup is pouring over the books of the Pistons to determine what they’re worth before Davidson makes the final decision on whether to go forward with the sale or not. That would be the only step left once a value is placed on the franchise.

The Detroit Free Press cited her from a statement she made in January, where Davidson stated about the possibility of selling the team, “You always want a real engaged, enthusiastic owner. I think that’s just the primary concern. We’re looking into the possibility of inquiring about selling it, but there’s nothing definite.
 
“We’re just looking into it. It’s a big decision.”

Evidently “just looking into it” has gone beyond that to taking the final steps in the process before announcing the Pistons are officially for sale.

Bill Davidson passed away a little over a year ago, on March 13, 2009, when at that time wife Karen took over.

To give an idea of what Citigroup may come up with, a little while ago Forbes said the Pistons were worth about $479 million, making them among the top four in the NBA.