Jan 8, 2011, 6:58 PM EDT
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.
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