Jan 8, 2011, 6:58 PM EST
We told you yesterday Michigan native and billionaire Tom Gores was now the front runner to purchase the Detroit Pistons.
The Associated Press is now reporting he has a 30-day exclusive window to purchase the team. If a deal is worked out, it could be presented to the Board of Governors (the other NBA owners) for approval All-Star Weekend.
But the deal is not finalized. Mike Ilitch was in an exclusive negotiating period when he got a good look at the Pistons books and dramatically lowered his offer.
We don’t know what Gores will offer for the team. While Forbes last estimated the worth of the Pistons at more than $400 million, the devastating effects of the national economy on Michigan, combined with the struggles of the Pistons team, have others estimating that the sale price will be well below Forbes estimates.
Gores is the founder, chairman and CEO of Platinum Equity. Gores and his firm make their money buying distressed companies, turning them around and selling them for a profit.
The Pistons are owned by Karen Davidson, who took control of the team when her husband Bill passed away in 2009.
- Report: Russell Westbrook ‘likely’ to return to Thunder lineup Wednesday, will wear protective mask 5
- Nuggets have fired head coach Brian Shaw 14
- Five Things We Learned in NBA Monday: Goran Dragic got his revenge in concentrated form 3
- League suspends James Harden one game for kick to LeBron James’ groin 23
- PBT’s weekly NBA Power Rankings: Hawks seem to be out of malaise. Maybe. 10
- Report: Jimmy Butler could miss three to four weeks with elbow injury 6
- Five Things We Learned in NBA Sunday: James Harden, LeBron James want your MVP vote 11
- Report: Sixers agree to buyout with JaVale McGee; he can sign with contender 36