A group representing California businessman Tom Gores, a Michigan native, met Wednesday with Palace Sports & Entertainment officials, according to sources.

It was the group's second meeting with PS&E officials, which appears to make Gores a serious candidate to purchase the team.

Forbes recently valued the team and it's brand at $479 million.

One person close to the situation, however, cautioned that Gores isn't necessarily the frontrunner to purchase the team.