AUBURN HILLS (WWJ) – It’s official. Tom Gores is buying the Pistons.
Team owner Karen Davison said Friday that Gores and his investment firm, Platinum Equity, have announced a “definitive agreement” to buy the Detroit Pistons and Palace Sports and Entertainment.
Terry Foster of 97.1 The Ticket says this will finally move the team out of limbo.
“They haven’t been able to do anything, and now at least the motor is running again. And that’s good news for the fans because I’m getting a sense that people don’t even care about the Pistons, they are sick of the Pistons,” Foster said.
“And at least now there’s going to be something for them to read about, talk about, and dream about,” he said.
Terms of the agreement, which is still subject to review and approval by the NBA’s Board of Governors, were not disclosed.
“We are pleased to welcome Tom Gores as the new owner of the Detroit Pistons and Palace Sports and Entertainment,” said Davidson in a statement.
“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.”
Gores, 46, is the Chairman and CEO of Platinum Equity, a global investment firm whose holdings include 34 portfolio companies in technology, media and entertainment, industrials, metals processing, automotive supply, and distribution and logistics.
“I am very proud to have this opportunity to be part of such a tremendous organization,” 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.”
Born in Israel, Gores moved to Michigan at age of four when his family settled into Genesee, north of Flint. He was exposed to the business world at an early age, working in his Uncle’s grocery store by the time he was 10.
A three-sport athlete at Genesee High School, Gores graduated from Michigan State University in Construction Management and learned the buyout business with his older brother, forming Platinum Equity investments in 1995.
Today, he is estimated by Forbes to be the 147th-richest American having amassed a $2.2-Billion fortune — and now, ownership of the Pistons.
Comerica Bank will provide financing on the transaction, which expected to close by June 30, pending league approval and closing conditions.