Mike Ilitch, the owner of Detroit's Tigers (MLB) and Red Wings (NHL), says he wants to buy the NBA's Pistons to make sure another buyer doesn't move the franchise out of town.
Forbes valued the Pistons at $479 million last year.
Pistons owner Karen Davidson has said she's considering a sale of the team by itself or as part of a package with Palace Sports and Entertainment.
Her husband, Bill Davidson, died last year.
"When I read in the paper there was the chance that this great sports town could lose one of its professional sports franchises, I just didn't see how we could let that happen," Ilitch said.
"The Pistons, just like the Red Wings, Tigers and the Lions, have a rich and storied tradition in this community."