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Pistons officially sold to Tom Gores

Apr 8, 2011, 2:21 PM EDT

tom-gores

Tom Gores, who grew up in Michigan and is the billionaire founder of an equity firm, has reached a deal to purchase the Detroit Pistons.

Gores has been in negotiations to buy the team for months, and now Bernie Smilovitz at the Detroit NBC news affiliate broke the story and the Pistons have confirmed the sale has been agreed to.

The terms of the deal are not yet known, but it also includes the The Palace of Auburn Hills and DTE Energy Music Theatre. The team had been owned by Karen Davidson, who took control when her husband Bill died in 2009 and she had been trying to sell the team since then.

“We are pleased to welcome Tom Gores as the new owner of the Detroit Pistons and Palace Sports and Entertainment,” Davidson said 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 was born in Israel, was raised in Flint, went to Michigan State, used to sell computer equipment in Michigan. He eventually moved to California where he founded Platinum Equity, which is a power in the leveraged buyout business. At age 46, he is worth an estimated $2.4 billion.

The sale is something the Pistons have desperately needed. There is infighting between the coach and the players and a need for a real direction for the organization from the top down. Without that the team has not made trades and has been mired near the bottom of the standings.

  1. goforthanddie - Apr 8, 2011 at 2:37 PM

    Good for them. Time to clean house and turn the Pistons into a team that matters again.

    • purdueman - Apr 8, 2011 at 4:01 PM

      I totally agree gofor…!

      First thing this (obvious from the picture), wannabe “GQ boy owner” needs to do is to cut his losses and release the many out of control punks currently on the Pistons roster. Then he needs to hire a respected, veteran NBA coach and get himself a good GM.

      Unfortunately for you Piston fans out there though, the NBA lottery ain’t what she used to be though, so it’s likely going to be a long and painful rebuilding process mired in mediocrity.

      The real problem is that the NBA simply has 4-6 teams too many, so for teams “stuck in the middle” and/or trying to rebuild, there’s simply not enough impact talent available to go around. That’s of course now compounded by the La Bum led new trend towards the NBA stars all wanting to seek the limelight of much larger media markets.

  2. digitalpoo - Apr 9, 2011 at 9:26 AM

    Looks like an Eric Spoelstra/Fabio hybrid.

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