Pro-sports-teams-sales insider on Karen Davidson getting just $325 million from Tom Gores: “They ripped her face off”

Bill Shea of Crain’s Detroit Business:

One insider familiar with pro sports franchise sales, who spoke on the condition of anonymity, was flabbergasted at what Gores paid to assume majority ownership from Karen Davidson.

"That is a shocking price," he said. "If he got the team and the real estate (for $325 million), are you kidding me? They ripped her face off."

Shea also sheds light on how some of the minority owners participated in the deal:

Additionally, Ethan Davidson, son of late Pistons owner William Davidson from a previous marriage, said he sold his minority stake to Gores but is in talks with him to buy back a share.

"For me, things pretty much stay the same," he said.

Karen Davidson owned 76 percent of the Pistons and will maintain a single-digit equity stake. The remaining 24 percent was split among several people, who agreed to sell their shares when she sold the majority.

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