Company Involved In Pistons Sale: No Deal Yet 2-11-2011 - WNEM TV 5

Company Involved In Pistons Sale: No Deal Yet 2-11-2011

The Pistons are not saying, but conflicting reports have the team reaching a tentative deal to either sell the franchise to California businessman Tom Gores or giving him exclusive negotiating rights for two weeks.
The Detroit Free Press is reporting that the Los Angeles financier has struck a tentative deal to buy the Pistons from Karen Davidson.
Gores, 46, is founder and chairman of Platinum Equity, a private equity investment firm that owns more than 30. He was raised in the Flint area and is a graduate of Genesee High School and Michigan State University.
The deal, which includes the team, the Palace of Auburn Hills and DTE Energy Music Theatre, was reportedly worth $420 million. The NBA would still need to approve the sale.
Meanwhile, a conflicting report is coming out of Detroit Friday morning. The Detroit News is reporting that a deal hasn’t been reached, but negotiations between Gores and the Pistons have been extended another two weeks as a potential sale gets closer.
Pistons spokesman Kevin Grigg told The Associated Press on Friday morning the team has nothing to announce about a potential sale.
Gores is listed by Forbes magazine as one of the world’s richest people, with an estimated net worth of $2.2 billion, reports said.
Gores became the lead bidder in December after Ilitch Holdings Inc. lowered its bid to buy the team.
WNEM.com Update:
Platinum Equity released this statement to TV5 Friday afternoon:
"Tom's not doing interviews but we'll keep your request on hand to the extent that changes. One word of caution: Don't believe everything you read...
We don't discuss whether or not we are considering prospective transactions, and we don't comment on market rumors.
Having said that, two points: 1. We have nothing to announce regarding the Pistons, and no announcement planned any time soon. 2. If and when there is a deal, we will make an announcement.
Based on that, you can draw your own conclusion as to the validity of the rumors..."

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