The Detroit Pistons are using Citi Private Bank's Sports Finance and Advisory team to assist in the potential sale of the team, media reports said.
The Pistons say the NBA has been informed of the arrangement, and "Citi is in contact with a number of interested parties”, the team was reported as saying.
The news story highlights how specialist arms of private banks can and do look to find business in such areas. As noted by this publication in recent months, a number of private banks – such as Coutts and Investec in the UK – have set up segments to cater for people in the sports and media fields. In the US, there are specialist firms catering for sports starts such as Catella Financial Office.
The team also says it won't comment further on the process "until there is substantive news to report”, reports said.
Pistons owner Karen Davidson has said she is considering a sale of the franchise either by itself or as part of a package with Palace Sports and Entertainment, which includes The Palace of Auburn Hills, DTE Energy Music Theatre and Meadow Brook Music Festival. The team's previous owner, Davidson's husband, Bill Davidson, died last year, reports added.