Deal Made In Sale Of NBAÂ?s Detroit Pistons 4-08-2011 - WNEM TV 5

Deal Made In Sale Of NBAÂ?s Detroit Pistons 4-08-2011

Billionaire investor Tom Gores has agreed to buy the Detroit Pistons and other properties.
The tentative deal announced Friday must be approved by the NBA. It includes the team, The Palace of Auburn Hills and DTE Energy Music Theatre.
Gores is buying the properties from Karen Davidson, who became the owner after her husband, Bill, died in March 2009.
"We are pleased to welcome Tom Gores as the new owner of the Detroit Pistons and Palace Sports and Entertainment," said Davidson. "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 is the chairman and CEO of Platinum Equity. He was born in Israel but grew up in Genesee Township and graduated from Genesee High School.
"I am very proud to have this opportunity to be part of such a tremendous organization," 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."
The sale price of the team and venues was not disclosed. Stay with as more information becomes available.
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