Auburn Hills (WWJ) – Investor Tom Gores is now officially the owner of the Detroit Pistons.
The sale of Palace Sports and Entertainment and the Pistons to Gores and his investment firm, Platinum Equity, was formally completed Wednesday afternoon following unanimous approval by the NBA’s Board of Governors. Gores becomes the fourth owner in franchise history.
Gores says he is excited for the opportunity and says he intends to put in the hard work and values necessary to compete for a championship.
“We’re going to do everything we can to ensure that this organization deserves the passion of our fans. We can’t wait to make a difference in Detroit,” said Gores in a statement.
On Tuesday NBA Commissioner David Stern announced that the League had approved the sale of the Pistons from Karen Davidson to Gores.
Davidson transfers control of the company to Tom Gores after nearly 37 years of Davidson family ownership. William Davidson became the club’s majority owner in 1974.
Palace Sports Entertainment venues average around 300 events and 3.5 million guests each year.