Mike Householder,Associated Press
DETROIT (AP) — Billionaire investor Tom Gores has agreed to buy the Detroit Pistons, the team announced Friday.
The tentative deal, which also includes the team’s home arena The Palace of Auburn Hills, must be approved by the NBA. Terms were not disclosed.
Gores, the chairman and CEO of California-based Platinum Equity, is buying the properties from Karen Davidson, who became the owner after her husband, Bill, died in March 2009.
Davidson says in a statement she is “confident that Tom will bring the same energy, dedication and love” to the organization as her late husband.
Gores, 46, founded Platinum Equity in 1995, and in its 2010 list of the 400 richest people in America, Forbes put Gores in a tie for 153rd with a net worth of $2.4 billion.