Jun 1, 2011, 8:47 AM EDT
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.
- Celtics deny Nets permission to speak with head coach Doc Rivers 0
- PBT Extra: Talking Heat/Pacers, and why Indy might be optimistic 2
- If Phil Jackson could have any player to start a team it would be… Bill Russell 35
- LeBron, Durant, Kobe headline All NBA First Team 24
- It’s official: Krzyzewski back to coach Team USA through Rio Olympics 1
- Report: Dwight Howard will consider multiple teams in free agency, is said to be most intrigued by the Rockets (122)
- Kobe Bryant responds to Michael Jordan comparison from Phil Jackson (91)
- Alonzo Mourning says Scottie Pippen says LeBron would “kick Jordan’s ass” (77)
- Bradley Beal said he’d lose respect for a teammate who acted like Derrick Rose (67)
- Pacers advance to the Eastern Conference Finals with Game 6 win over Knicks (60)
- Watch LIVE: Sharks-Kings, Game 5
- PHT: Wings push Blackhawks to brink | Highlights
- PHT: Kreider keeps Rangers alive | Highlights
- PBT: Hibbert says Battier's knee to groin intentional
- OlyTalk: Lochte says Phelps will return soon
- CSN: Francona returns to Boston | Legacy?
- Posnanski: Hornets more than a name to Charlotte