NBA Commissioner David Stern has indicated that Platinum Equity CEO Tom Gores is in the ‘final stages’ to purchase the Detroit Pistons from current owner Karen Davidson.
“I’m going to catch up with Mr. Gores either tonight or tomorrow to say hi,” Stern said at his annual state of the league address. “I met with him at my offices where he met with our entire senior staff and we know that there are very intense negotiations going on which are in their final stages, which means either there will be a deal or there won’t be a deal within the next week.
“And every indication is that there will be a deal and we’ll see how that goes.”
Earlier this month the Detroit Free Press reported that Davidson and Gores reached a tentative agreement for him to buy the team. In light of this the 30 day exclusive negotiating period was extended another two weeks.
According to Vince Ellis of the Detroit Free Press, that current extended negotiating period ends this week and there is a possibility that it can be extended once again so both sides can iron out the find details of the deal.
The deal for the Palace Sports and Entertainment which includes the Pistons, The Palace and other various venues in the Metro Detroit area is estimated to be more then $400 million dollars. The current ownership is expected to retain a minority stake in the team for the next several years.
If a deal is reached the purchase of the team will need to be approved by three fourths of the NBA owners.
Source: Detroit Free Press