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Tom Gores, whose Beverly Hills-based Platinum Equity owns the Union-Tribune, has received an additional 14 days to reach an agreement to buy the Detroit Pistons of the National Basketball Association, according to the Detroit News. Rumors earlier in the day (Feb. 11) had Gores finalizing the purchase for $420 million. "Reports that a deal is already in place are incorrect," said Mark Barnhill, Platinum spokesman. But he confirmed that the exclusive negotiating period has been extended. "Both sides are working hard in hopes of reaching an agreement." Last year, Forbes magazine said the team was worth $479 million. It recently lowered that estimate to $360 million. Another bidder recently lowered its bid to $360 million, according to the News. It's not clear if Gores would buy and operate the team and related facilities himself, or whether they would become part of the Platinum portfolio. Thanks to Matt Potter for alerting me to this story.
Tom Gores, whose Beverly Hills-based Platinum Equity owns the Union-Tribune, has received an additional 14 days to reach an agreement to buy the Detroit Pistons of the National Basketball Association, according to the Detroit News. Rumors earlier in the day (Feb. 11) had Gores finalizing the purchase for $420 million. "Reports that a deal is already in place are incorrect," said Mark Barnhill, Platinum spokesman. But he confirmed that the exclusive negotiating period has been extended. "Both sides are working hard in hopes of reaching an agreement." Last year, Forbes magazine said the team was worth $479 million. It recently lowered that estimate to $360 million. Another bidder recently lowered its bid to $360 million, according to the News. It's not clear if Gores would buy and operate the team and related facilities himself, or whether they would become part of the Platinum portfolio. Thanks to Matt Potter for alerting me to this story.