Gores Reaches Deal

[RipCity32]

Los Angeles financier Tom Gores has struck a tentative deal to buy the Detroit Pistons from primary owner Karen Davidson, a person familiar with the situation told the Free Press.

The sale, which must be approved by the NBA, may be announced Friday.

The agreement, valued at $420 million, was reached this evening, after several days of intense bargaining over details.

Details on the base selling price, the implications of a looming labor dispute in the NBA, and to what extent current ownership may stay involved with the team were said to be key points of debate. It was not immediately clear how the deal would be structured.

Gores, 46, is founder and chairman of Platinum Equity, a private equity investment firm that owns more than 30 companies in a range of industries, from industrial fasteners to recreational boats and a San Diego newspaper. Gores was raised in the Flint area and is a graduate of Michigan State University.

Karen Davidson, widow of longtime Pistons owner Bill Davidson, is the primary owner of the team, along with the Palace of Auburns Hills and the DTE Energy Music Theatre. Bill Davidson's son Ethan has a minority stake.

Any purchase deal required approve of three-fourths of NBA owners. The league office will do its own analysis of the proposed new owner and NBA Commissioner David Stern would make a recommendation to the owners.

That process could be speedy, as in the case of Michael Jordan's purchase of the Charlotte Bobcats. But when Russian billionaire offered to buy the New Jersey Nets last year, the approval process took eight months.

The savior is here!

 

[sheed]

SOOOO happy. Going to be an exciting and interesting couple of weeks from here on out until everything is finalized. Hopefully it won't take months... Fuck you Karen Davidson.

 

[Pugz]

fuck yes!!! hopefully more good news follows this!

 

[MR.ballin]

Well that's good for the Pistons. They might actually get a owner that cares about basketball rather than a stupid gold digging old hag.

 

[Lake Louise]

Awesome news!

 

[ZigZag]

The agreement, valued at $420 million, was reached this evening, after several days of intense bargaining over details.

 

[Pugz]

$420 million is still a ton, even with him getting the palace. plus she still has 10% of the team. but, im pumped nonetheless.

 

[Brutalis]

From what I read this deal is not final. Pistons are not bought yet.