The purchaser? Flint native and Michigan State graduate Tom Gores.
Gores emerged as an interested party months ago when current owner Karen Davidson announced that she was going to sell the team. However when Mike Ilitch emerged as an interested party and eventually the leading candidate to buy the team at the time Gores’ name as a possible buyer diminished.
A lot can happen in a month though.
During November, it appeared as if a deal would be imminent with Ilitch Holdings however the deal is believed to of fallen through after Ilitch’s camp determined that the asking price was inflated.
Because of Ilitch backing off, Gores’ name has once again emerged, this time as the front runner to purchase the team. In fact according to the Detroit News Gores’ is not only front runner he may close in on a deal with Davidson next week.
Gores did attend a Pistons/Lakers game in Los Angeles on Tuesday but decline comment on his intentions to buy the team.
The Pistons would like to have a deal in place to present to the NBA board of governors February 18-21 in Los Angeles.
Gores is a venture capitalist who has interest in Platinum Equity a California-based leveraged buyout business where he is currently the CEO. He currently resides in Beverly Hills California and is worth an estimated $2.2 billion dollars and appeared on the 2010 Forbes list of billionaires and the Forbes list of the richest Americans.
Source: Detroit News
