Detroit Pistons Find a New Buyer

by February 11, 2011

Detroit may have at last found a new owner, with an official announcement expected very soon. From the Free Press: “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 tentative agreement, which must be approved by the NBA, may be announced as early as today. 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.”