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http://0rz.tw/3TDqd
The wait is over.
The Detroit Pistons have a new owner.
Current Pistons owner Karen Davidson announced in a press release today that
she had reached a definitive agreement to sell the team – along with Palace
Sports & Entertainment – to Tom Gores.
“We are pleased to welcome Tom Gores as the new owner of the Detroit Pistons
and Palace Sports and Entertainment,” Davidson said in the 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 the
organization. I look forward to seeing Tom follow in Bill's footsteps and
carry on his legacy.”
Gores, a Flint-area native and Michigan State University graduate, is
chairman and CEO of Platinum Equity, a global investment firm. Forbes
estimates his net worth at $2.4 billion and says he is the 161st-richest
American.
“I am very proud to have this opportunity to be part of such a tremendous
organization,” Gores said. “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.
Terms of the sale were not disclosed. The sale of the team is subject to the
approval of the league's Board of Governors, which has meetings scheduled for
Thursday and Friday.
In January, Forbes estimated the value of the franchise at $360 million, down
substantially from its previous estimate – made in December 2009 – of $479
million.
It was just a month later – in January 2010 – when Davidson first publicly
announced that she was pondering selling the team.
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I WANT TO STAND WITH YOU ON A MOUNTAIN
I WANT TO BATHE WITH YOU IN THE SEA
I WANT TO LAY LIKE THIS FOREVER
UNTIL THE SKY FALLS DOWN ON ME
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