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SOLD! Tom Gores acquires Detroit Pistons from Karen Davidson

After a season-long nightmare of ownership limbo and on-again, off-again talks with various interested buyers, the Detroit Pistons announced Friday that the team was purchased by billionaire Tom Gores — finally.

Coming on the heels of reports that the sale might not be finalized until autumn, but Friday’s announcement makes official that Gores will purchase the Detroit Pistons, The Palace of Auburn Hills, Palace Sports & Entertainment and the Meadow Brook Music Festival, with a deal expected to close by June 30. In a sly allusion to the protracted talks, missed negotiating windows and leaks to the press, the news release touts the move as a “definitive agreement.”

Terms of the sale were not disclosed. It had been publicized that Gores was bidding in the $360 million range while Davidson and the NBA were pushing for a more than $420 million sale price.

The NBA’s Board of Governors is meeting Thursday and the timing of this announcement might make it possible for them to review and approve the prospective  deal. Gores has made no public comments about his vision for the franchise other than to say that he wouldn’t relocate the team.

“We are pleased to welcome Tom Gores as the new owner of the Detroit Pistons and Palace Sports and Entertainment,” said Karen Davidson in a news release. “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, who made his millions as CEO of investment firm Platinum Equity, said he was excited to tackle the challenge of taking over the rebuilding Detroit Pistons.

“I am very proud to have this opportunity to be part of such a tremendous organization,” Mr. Gores said. “I know it’s been a long process and I appreciate the patience and support of the Detroit community. I have been impressed with the Davidson family and the way it has protected and built such a storied franchise. I grew up here, I am glad to be back, and I am very excited about all the possibilities looking forward.”

Tags: Karen Davidson Meadow Brook Music Festival Palace Of Auburn Hills Palace Sports & Entertainment Pistons Sale Platinum Equity Tom Gores

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