Detroit Pistons Sold To Billionaire Tom Gores

Billionaire Tom Gores has reached an agreement with the Detroit Pistons to purchase the NBA franchise.

The deal between Gores and team owner Karen Davidson also includes The Palace of Auburn Hills and DTE Energy Music Theatre.

"We are pleased to welcome Tom Gores as the new owner of the Detroit Pistons and Palace Sports and Entertainment," Davidson said in a statement. "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."

Gores is acting chairman and CEO of the California-based Platinum Equity firm. According to Forbes list of 2011 billionaires, he is worth an estimated $2.4 billion.

The value of the agreement was not released.

The Pistons are scheduled to play the Milwaukee Bucks tonight at 7:30 p.m.

Comments

[Tony McDay]

01:10 PM on 04/10/2011

interesting choice of photo to use for headline...

[jmdziuban1]

04:35 PM on 04/10/2011

Ain't that Rasheed?

[LogicalMathMan]

12:42 PM on 04/10/2011

Joe Dumars has outlived his role with the Pistons. The members on the team who won the title should be traded for a younger, quicker, healthier team. Oh, and Tracy McGrady should be asked to retire.

[natturnerx]

03:01 PM on 04/09/2011

he should have invested the money into saving the pontiac. that really would have helped detroit.

[msblynne]

01:26 PM on 04/09/2011

Why do they have Rasheed Wallace in this picture? He was traded to the Celtics over a year ago, and retired before this NBA season started...

[detroitblkmale30]

04:27 PM on 04/09/2011

you must not be a pistons or Wallace fan, thats Chris Wilcox

[msblynne]

04:46 PM on 04/09/2011

Well, I am a Pistons fan (more a Tigers' fan, admittedly) but that sure looked like Rasheed Wallace to me. Sorry.

[jmdziuban1]

04:36 PM on 04/10/2011

I made the same mistake. Thanks for the correction.

[chucknchar]

12:32 PM on 04/09/2011

Well, at least he's a sports fan since he was a young boy in Michigan. I hope he's our Mark Cuban

[jmdziuban1]

04:37 PM on 04/10/2011

Please No. I almost feel to flag that as abusive.

[harveyr2]

12:09 PM on 04/09/2011

Billionaires and their stupid toys.

Hate the rich? Then don't go to a Pistons game, purchase Pistons merchandise, or go to one of his new stadiums/theaters.

[nfatt1]

08:23 AM on 04/09/2011

Only 2.4 bil. Republicans classify him as one of the working poor.

[OneTop]

02:11 AM on 04/09/2011

Pine Knob and the Palace in the deal as well.

Hard to see how he could go wrong from a $ pov.

[ironcyde]

01:32 AM on 04/09/2011

So, just how many people did Gores 'gore' to gain his Billions ? A "private equity" guy from Cali, huh ? Interesting.... classic.

[Comfortably Numb]

10:33 AM on 04/09/2011

right ... I'm sure it had nothing to do with seeing an opportunity, having the cajones to act on it, working hard, working smart and providing a service people deemed ...

classic liberal wealth envy ... in stead of hating, ask yourself "How can I ..."

[Jetwash]

11:55 PM on 04/09/2011

"Behind every great fortune there is a crime." Balzac. If you believe this quote you're a liberal. If you don't you're a conservative.

[detroitblkmale30]

11:57 PM on 04/08/2011

Sigh. So much for the Pistons being back downtown where they belong for another 20 years

[fpt313]

11:53 PM on 04/08/2011

Please tell me he bought the whole city?

[Myrna Minkoff]

09:47 AM on 04/09/2011

That's what I was thinking.

[jmdziuban1]

04:40 PM on 04/10/2011

Illitch owns the city, or at least about half of downtown.

[Rubix41]

11:50 PM on 04/08/2011

Nice pic of Rahweed Wallace, too bad he hasn't played for the pistons for two years. Way to stay current HP

[smoke1]

12:16 AM on 04/09/2011

That's Chris Wilcox genius.Way to stay current.

[Rubix41]

07:58 PM on 04/10/2011

Thats what drinkin and typin will do to ya. Neither lacking intelligence nor timing smoke1, so try again, but thanks for the correction regardless chief

[magnetplanner]

01:08 AM on 04/09/2011

Wrong. Rasheed never lifted a weight his whole career. This player has guns.

[factsaboutchina]

10:35 PM on 04/08/2011

He should have purchased Detroit and fixed it.

[frank day]

10:31 PM on 04/08/2011

I wonder where he'll move the team to?

[chevyliddle]

05:22 AM on 04/09/2011

We could use a practice squad in Chicago? The Pistons won't be doing anything in a few days anyway.

[Christopher Nicoll]

10:13 PM on 04/08/2011

The Pistons haven't been remotely close to Detroit in 40 yrs. They're 40 miles in a suburb.....and people could care less. The Palace is a painintheass to get into to, like all of "Detroits" teams/venues.........just shut the lights off and insert the keys in the slot on your way out.