sportsjabber.net

It looks like the NBA’s Detroit Pistons will soon have a new owner. The struggling club announced on April 8 that Tom Gores, a billionaire investor from California, has agreed to take over the franchise.* It’s been a long time coming, considering current owner Karen Davidson has had the club on the market for about a year now.

It’s believed that the deal also includes the DTE Energy Music Theatre and the Palace of Auburn Hills. The financial details haven’t been released and the NBA also has to approve the deal. That could just be a formality though and it’s expected the sale will go through by June 30. Gores is the CEO and chairman of Platinum Equity, and he’s purchasing the operating rights for the Meadow Brook Music Festival. Davidson took over ownership of the Pistons in 2009 when her husband Bill passed away.

Gores is listed as one of America’s 400 wealthiest people. Forbes magazine placed him in 153rd place and said he was worth $2.4 billion. The 46-year-old hails from nearby Flint, Michigan, and earned a degree at Michigan State University.

He said he’s proud to become a part of the Pistons organization and appreciated the support and patience of the Detroit people. He said he was impressed with the way the Davidsons ran the franchise and is excited to be back in the area he grew up in and taking over the reins.

Davidson was looking to sell the Pistons before the season started and was holding talks with Mike Ilitch, who owns the Detroit Tigers of MLB and the NHL’s Detroit Red Wings. However, those negations broke off. Gores was also interested in the team as was George Postolos.

READ THE REST HERE