Pontiac sells Silverdome

PONTIAC — A Canadian company was selected to purchase the Pontiac Silverdome for $583,000 and may use the facility for professional soccer, according to The Detroit News. The company and the city have until the end of 2009 to close the deal.

Emergency Financial Manager Fred Leeb contracted with a professional real estate auction firm to sell the Silverdome, Pontiac's 80,300-seat arena. The facility has largely sat empty since the Detroit Lions relocated to Ford Field in 2002.

Williams & Williams received four bids for the facility and all of its lands.

A previous deal to sell the Silverdome for use as a multi-use entertainment complex collapsed last year after its buyer did not make payment. Ongoing negotiations proved fruitless, and Leeb decided to hold an auction, according to The Oakland Press.

In this attempt, city officials will not select vendors based on the appeal of proposed projects, but will simply sell the facility to the highest bidder. Interested parties must make a $250,000 deposit in order to be considered, and the deadline to make an offer is November 12th. The city has the option to invite the highest five bidders to a "best and final" outcry auction to be held in the week following the deadline, according to the auction group's web site.

References: "Pontiac Silverdome," Williams & Williams Web site, www.wiliamsauction.com/silverdome, accessed Oct. 12, 2009

"Public hearing to be held on Silverdome auction," The Oakland Press, Aug. 28, 2009

"Silverdome sale price disappoints," The Detroit News, Nov. 17, 2009