davidson

Sports
2:43 pm
Fri April 8, 2011

Detroit Pistons sold

Detroit Pistons logo
(courtesy Detroit Pistons)

 

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.

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Sports
10:57 am
Wed March 30, 2011

Report: Sale of Detroit Pistons to be completed next month

CBSSports.com is reporting that the final deal to sell the Detroit Pistons will be completed by the middle of April.  The NBA franchise has been on the block since the death of longtime owner Bill Davidson. There have been many suitors, but it appears the winner is billionaire Tom Gores.  

CBSSports senior writer Ken Berger says the sale could be made official in a few weeks. 

Word in league circles is that negotiations to sell the Pistons to billionaire Tom Gores are far enough along to expect the matter to come to a vote by the Board of Governors April 14-15 in New York. League approval will be a welcome development for the organization, whose basketball operations department was paralyzed by the proposed sale. The Pistons are one of a handful of teams not to complete a single roster transaction this season. 

One stumbling block that has slowed the sale of the Pistons is the question 'How much is the franchise actually worth?' Forbes recently reported the value of the franchise has dropped about 25%.