Tom Gores reaches a deal to buy The Pistons

by | Feb 10, 2011 | 13 comments

Finally!

Los Angeles financier Tom Gores has struck a tentative deal to buy the Pistons from Karen Davidson, a person familiar with the situation told the Free Press.

The sale, which must be approved by the NBA, is expected to be announced Friday.

The agreement was reached earlier tonight at the office of a Birmingham law firm, after several days of intense bargaining over details.

Details on the base selling price, the implications of a looming labor dispute in the NBA, and to what extent current ownership may stay involved with the team were said to be key points of debate.

The total value of the deal, which includes the team, the Palace of Auburn Hills and DTE Energy Music Theatre, is expected to be announced at $420 million. That doesn’t mean Gores will pay that much immediately, though. Current ownership is expected to retain a minority stake of perhaps 10% for up to several years. via The Detroit Free Press

13 Comments

  1. detroitKG

    Thank God it was Gores that bought this team!
    Now maybe we can actually make some moves to improve this team!
    Best piece of news all season in my opinion!

    Reply
  2. James (Australia)

    FINALLY! Great work getting this up on the site so quickly, Nat. Great news.

    Reply
  3. Pistonsforever

    Finally!!! Now let’s back to our winning tradition. Best news of the season.

    Reply
  4. Drew

    Thank goodness! Thank God! Things are looking up for this team. Let’s hold our breaths until the deal is finalized.

    Reply
  5. Keith (Australia)

    Let’s just hope that Gores is going to be the owner we all want him to be and not Donald Sterling.

    Reply
  6. Demitre Riley

    Yes yesyesyesyesyesyes a thousand times yes

    Reply
  7. steve

    just in time to trade rip

    Reply
  8. edt

    dont let the door slam you on the way out karen. 420 is about 50 million more than they are worth right now, but I can still see karen killing this deal because she still wants more money.

    Reply
  9. daddy

    hopefully this gets done quit and we can make some moves before the trade deadline. i have this bad taste in my mouth and the only remedy is detroit winning multiple games. We got this game in maimi if we dont get robbed, again.

    Reply
  10. terry

    Great news they need to hurry up and seal the deal. K’s probably just stretching it out so she can keep feeling important….We need to beat Miami and wipe them goofy smiles off their stupid faces, I’m just saying…..also, if yall aint checked it out yet there’s a nice piece on Jonas Jerebko at http://vimeo.com/19428690, or through detroitbadboys.com.

    Reply
  11. Marcell

    One article stated that she “ Karen ”still might retain a certain percentage of the team for a few years. Now lets see if the new owner is really going to care about the team or is it just a business venture

    Reply

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