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Fri April 8, 2011
Detroit Pistons sold
The Associated Press reports a Los Angeles financier is the new owner of the NBA's Detroit Pistons.
Billionaire investor Tom Gores has agreed to buy the Detroit Pistons and other properties. The tentative deal announced Friday must be approved by the NBA. It includes the team, The Palace of Auburn Hills and DTE Energy Music Theatre. Gores is buying the properties from Karen Davidson, who became the owner after her husband, Bill, died in March 2009. Gores is the chairman and CEO of Platinum Equity.
The Detroit Free Press online quotes a written statement from Gores saying he's thrilled to be the team's new owner.
“I am very proud to have this opportunity to be part of such a tremendous organization...I know it’s been a long process, and I appreciate the patience and support of the Detroit community. I have been impressed with the Davidson family and the way it has protected and built such a storied franchise. I grew up here, I am glad to be back, and I am very excited about all the possibilities looking forward.”
Gores grew up in Flint. He graduated from Michigan State University. Forbes lists Gores as the 147th richest American, with a personal fortune of more than $2 billion.
Pistons' owner Karen Davidson released this statement on the sale of the franchise to Gores:
"We are pleased to welcome Tom Gores as the new owner of the Detroit Pistons and Palace Sports and Entertainment.....Just as my late husband, Bill Davidson, was the face of the Pistons, I am confident that Tom will bring the same energy, dedication and love to this organization. I look forward to seeing Tom follow in Bill’s footsteps, and carry on his legacy."
"From the Pistons players, coaches and front office, who helped bring home three world championships, to the management and staff at the Palace, DTE and Meadow Brook, who earned us international recognition, we look forward to facilitating a smooth transition under Tom and achieving even greater success in the future."