Jun 1, 2011, 8:47 AM EST
Tom Gores is now finally, officially, the owner of the Detroit Pistons.
The terms of the sale had been in place a couple months but details still had to be finalized. They have been now. David Stern announced before Game 1 of the NBA finals the sale of the franchise to Gores and his equity firm had been approved by the Board of Governors (the other owners).
“We are delighted that the NBA’s Board of Governors approved Tom Gores’ purchase of majority ownership of the Pistons,” said NBA Commissioner David Stern. “We look forward to the Pistons’ continued growth, both on and off the court, under his leadership.”
The rest of us look forward to something now happening regarding coach John Kuester.
Gores was born in Israel, was raised in Flint, Michigan, went to Michigan State, and started out selling computers in the state. 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.
It is Gores and Platinum Equity that purchased the team as well as 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. The price is estimated to be more than $400 million.
- Kobe Bryant will return to Lakers lineup Sunday vs. Suns 0
- Kevin Love benched entire fourth quarter of Cavaliers win over Magic 20
- PBT’s Top 10 NBA stories of 2014, No. 10: Anthony Davis’ breakout 16
- Rumor: Ray Allen leaning toward retirement, not return 11
- Josh Smith makes Rockets debut, throws down two-handed dunk (VIDEO) 15
- Carmelo Anthony on the Knicks: “The fans are dying, we’re dying” 20
- Rockets officially sign Josh Smith, who will play Friday night; waive Tarik Black 6
- Clippers win ‘nice, boring’ Christmas Day battle with Warriors 1