By @StefanKubus –

It’s official: Little Caesars Arena will house both the Detroit Red Wings and now also the NBA’s Detroit Pistons.

It was announced at a press conference Tuesday afternoon that this season would be the Pistons’ last at The Palace of Auburn Hills, as they will join the Red Wings in 2017-18 at Little Caesars Arena.

“Tom Gores and the Pistons will contribute tremendously toward the incredible, positive momentum underway in Detroit, making our city stronger, which benefits residents, businesses and visitors not only in the city, but also across our region and state,” Christopher Ilitch said in a release. “This is a bold move that will have a positive effect throughout our entire community.”

The news comes as a result of ongoing talks between Olympia Entertainment and Pistons owner Tom Gores. With the move set in stone, all of Detroit’s four major professional sports teams will be positioned in downtown Detroit.

“This is a historic day for our franchise, and for the City of Detroit,” Gores said in a release. “We’re moving to a beautiful new arena that will provide a state-of-the-art fan experience, and we’re investing in the future of Detroit.

“I’ve always believed that a sports franchise is a community asset with the power to unite and inspire people,” he added. “There’s a big responsibility that goes with that, but there’s also a big payoff. Not just for the city of Detroit, but for the whole region. Detroit is rising, reinventing itself. The Pistons are doing the same. We’re in this together, and we couldn’t be more excited about that.”

Detroit’s Downtown Development Authority has agreed to contribute $34.5 million to cover the cost of modifying Little Caesars Arena to accommodate NBA basketball in the arena. Any cost overruns or additional expenses won’t be covered by the DDA or taxpayers. No City of Detroit general funds will be used.

Little Caesars Arena joins the trend of a number of professional facilities around North America that house multiple pro sports teams, including Toronto’s Air Canada Centre (Maple Leafs, Raptors) and Los Angeles’ Staples Center (Kings, Lakers and Clippers).

According to a study by the University of Michigan Center for Sport and Policy, it is estimated that the Pistons’ relocation, their new practice facility and corporate offices will generate an additional $596.2 million in estimated total economic impact in Metro Detroit and create more than 2,100 jobs – including more than 1,700 construction-related jobs and 442 permanent positions.