Detroit Pistons owner Tom Gores, Detroit mayor Mike Duggan and Christopher Ilitch, Ilitch Holdings president and CEO all came together Tuesday afternoon at Cass Tech High School to confirm the Pistons' long-rumored move to downtown Detroit.

The Pistons will be moving to Little Caesar's Arena, which is currently being constructed and is expected to be completed by the beginning of the 2017-2018 NHL and NBA seasons.

The Pistons will share the space with the Detroit Red Wings.

The estimated cost to modify the arena to accommodate the Pistons is $35-40 million.

ClickOnDetroit is reporting that the current home of the Pistons, the Palace of Auburn Hills, will be demolished after the Pistons vacate. The Pistons have played at The Palace since 1988.