A day that is very good for everybody, all parties involved. The Pistons are set to be sold to Michigan native and California Billionaire Tom Gores. The 46 year old Flint native has a definitive agreement with Karen Davidson to purchase the team. We saw the two sides together here at the Palace a few months ago and the talks have continued; now the transaction which also involves the Palace, DTE Energy Music Theatre and Meadowbrook Music Festival is expected to close by June 30th.
NBA owners will vote on the sale and approve it next week at their annual meetings in New York. It’s a deal that Mrs. Davidson wanted to complete as she has said in order to keep the team here, keep them at the Palace and give them the kind of attention and care that her late husband Bill Davidson gave the club. In a statement released today by Mrs. Davidson said “We are pleased to welcome Tom Gores as the new owner of the Detroit Pistons and Palace Sports and Entertainment,” said Karen Davidson. “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.”
Gores also releasing a statement today, the chairman and CEO of Platinum Equity is ecstatic about acquiring the Pistons. “I am very proud to have this opportunity to be part of such a tremendous organization,” Mr. Gores said. “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”.
My take on this sale is simple; the Pistons are one of the great organizations in pro sports. The reason there has always been certainty, consistency, a plan and a common goal. Unfortunately over the past few years with Mrs. Davidson admitting that she did not want to own the team following Mr. D’s death. That created uncertainty as she searched for the right buyer. This sale can now move the team forward again and get them out from under the cloud of uncertainty that is a good thing in this day and age of the NBA. You see already that solid drafting like the selections of Jonas Jerebko last year and Greg Monroe this year that rebuilding with some young players and a vision on top of that from the top can turn a franchise around.