According to the Detroit News Tom Gores and his investment firm Platinum Equity out of southern California have announced a definitive agreement to purchase Palace Sports and Entertainment. Palace Sports and Entertainment includes the Pistons, The Palace, DTE Energy Music Theatre and the operating rights to Meadow Brook Music Festival.
Terms of the agreement were not announced and the deal still has to be approved by the NBA Board of Governors. The deal is expected to be complete by June 30th.
“We are pleased to welcome Tom Gores as the new owner of the Detroit Pistons and Palace Sports and Entertainment,” Davidson said in a release obtained by The Detroit News. “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. I look forward to seeing Tom follow in Bill’s footsteps, and carry on his legacy.”
“I am very proud to have this opportunity to be part of such a tremendous organization,” Gores said in a statement. “I know it’s been a long process and I appreciate the patience and support of the Detroit community. I have been impressed with the Davidson family and the way it has protected and built such a storied franchise. I grew up here, I am glad to be back, and I am very excited about all the possibilities looking forward.”
Davidson added: “From the Pistons players, coaches and front office, who helped bring home three world championships, to the management and staff at The Palace, DTE and Meadow Brook, who earned us international recognition, we look forward to facilitating a smooth transition under Tom and achieving even greater success in the future.”
Tom Gores is a Flint native and Michigan State University graduate. He became involved in negotiations with Karen Davidson in late 2010 after an exclusive negotiating period with Mike Ilitch expired.
This is certainly good news for the Pistons organization who have been handcuffed in terms of operating costs because of the impending sale.
Source: Detroit News
