Billionaire Tom Gores agrees to purchase NBA’s Detroit Pistons
America billionaire Tom Gores has agreed to purchase struggling National Basketball Association (NBA) franchise, the Detroit Pistons. The deal was disclosed by the team after their 104-89 defeat to the Oklahoma City Thunder on Friday.
Gores was in negotiations with Pistons owner Karen Davidson, ever since she announced that she wanted to sell the franchise in January 2010. The spokesman for Davidson, Michael Layne, confirmed that she had been in direct contact with Gores for the last
two weeks to finalise the deal.
The speculative deal also includes the Palace of Auburn Hills and DTE Energy Music Theatre. Gores and Karen are now waiting for the approval of the NBA. The management has not yet disclosed the terms and conditions of the deal. However, the deal is expected
to be finalised by 30th June.
Gores was pleased with the deal and said that he was proud to be part of such a great investment opportunity. He said, "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."
Gores is also interested in buying the operating rights to the Meadow Brook Music Festival, which is a company that houses a large outdoor amphitheatre for midsized tours and festivals.
Karen Davidson is the widow of the late William "Bill" Davidson, who was President, Chairman and Chief Executive Officer (CEO) of Guardian Industries and was the principal owner of the Detroit Pistons. He was the 68th richest man in the United States of
America and died at the age of 86. Karen took charge of the team after her husband's death.
The 46-year-old Gores, on the other hand, is the chairman and CEO of Beverly Hills - a California-based Platinum Equity. He has also appeared in the Forbes list of 2011 World's Billionaires.
The late William Davidson said on many occasions that the team would remain in the family even after his death. Therefore, the news of the sale of the franchise has come as a shock to the whole of Detroit.
Karen welcomed Gores to the team with open arms. She was confident that Gores would bring some improvements to the team.
She said during an interview, “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 organisation. I look forward to seeing Tom follow in Bill's footsteps, and
carry on his legacy."
The Pistons performance this season has not been up to the mark, as they have a 28-51 record, and are in 11th place in the Eastern Conference. However, the players are quite hopeful that proper steps by the new owner could make them more competitive
in the future.
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