Published June 01, 2011
MIAMI – The NBA's Board of Governors has unanimously approved the sale of the Detroit Pistons to California investor Tom Gores.
Commissioner David Stern said Tuesday night before Game 1 of the NBA finals he expects the sale to close officially at some point this week. The Pistons announced in April that Gores had agreed to buy the team, following a drawn-out sale by owner Karen Davidson that stretched back before the season.
"We think Tom will bring renewed vigor and energy to that great franchise, and he's really very anxious to get going," Stern said. "I spoke to him earlier today on my way here. And that's a very good development for the Detroit Pistons and the good fans of Detroit."
The Pistons figure to be in for an eventful offseason once Gores assumes control of the franchise. They have missed the playoffs two straight seasons, and coach John Kuester's future is very much in doubt as the team tries to rebuild.
"We appreciate the approval of the Board of Governors and the support of Commissioner Stern," Gores said in a statement. "I understand the importance of the trust that has been placed in us, and we're very excited to be a part of something as special as the NBA. We can't wait to make a difference in Detroit. We look forward to getting to work right away."
Gores is the chairman and CEO of Beverly Hills, Calif.-based Platinum Equity. He founded Platinum Equity in 1995, and in its 2010 list of the 400 richest people in America, Forbes put him in a tie for 153rd with a net worth of $2.4 billion. Gores is a Flint, Mich., native and has a degree from Michigan State University, though he now lives in California with his wife and three children.
Gores' private equity firm made a popular splash a year ago in the community of Cadillac, Mich., 200 miles northwest of Detroit. Platinum Equity essentially bought the bankrupt Four Winns boat manufacturing company in a move officials said saved or created hundreds of jobs.