Sources: The Palace will face demolition, redevelopment

Ken Lund/ Flickr CC

According to WDIV channel four sources, the Palace of Auburn Hills will be sold by owner Tom Gores after the Pistons make their move to Detroit official.

The Pistons are holding a press conference Tuesday that will announce their plans to play at the new Little Caesars Arena, which will also be inhabited by the Mike Ilitch-owned Detroit Red Wings.

However, an effort to keep the Palace as a valuable asset after the Pistons exit seems to already be in place. WDIV is reporting that the Palace will be demolished and redeveloped in an attempt to keep the venue functioning and profitable.

This announcement is understandably drawing sharp contrast to the Pontiac Silverdome which was essentially left for dead after the Detroit Lions moved from there in 2001.