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According to the Detroit News, Tom Gores and his Beverly Hills-based investment firm, Platinum Equity, have announced today (April 8) a definitive agreement to buy the Detroit Pistons of the National Basketball Association and Palace Sports and Entertainment. Platinum Equity owns the Union-Tribune. The bargaining for the team has been going on for some time. The deal includes the team, the Palace of Auburn Hills, DTE Energy Music Theatre and the operating rights to Meadow Brook Music Festival, according to the News. Terms were not announced. The deal is subject to approval by the league. Supposedly, Comerica Bank will finance the sale, which is expected to be complete by June 30 if the NBA approves. Gores was a long-time resident of Michigan before moving to Southern California.
According to the Detroit News, Tom Gores and his Beverly Hills-based investment firm, Platinum Equity, have announced today (April 8) a definitive agreement to buy the Detroit Pistons of the National Basketball Association and Palace Sports and Entertainment. Platinum Equity owns the Union-Tribune. The bargaining for the team has been going on for some time. The deal includes the team, the Palace of Auburn Hills, DTE Energy Music Theatre and the operating rights to Meadow Brook Music Festival, according to the News. Terms were not announced. The deal is subject to approval by the league. Supposedly, Comerica Bank will finance the sale, which is expected to be complete by June 30 if the NBA approves. Gores was a long-time resident of Michigan before moving to Southern California.