Detroit Pistons Finally Find a New Owner

pistons

It looks like the NBA’s Detroit Pistons will soon have a new owner. The struggling club announced on April 8 that Tom Gores, a billionaire investor from California, has agreed to take over the franchise.  It’s been a long time coming, considering current owner Karen Davidson has had the club on the market for about a year now.

It’s believed that the deal also includes the DTE Energy Music Theatre and the Palace of Auburn Hills. The financial details haven’t been released and the NBA also has to approve the deal. That could just be a formality though and it’s expected the sale will go through by June 30. Gores is the CEO and chairman of Platinum Equity, and he’s purchasing the operating rights for the Meadow Brook Music Festival. Davidson took over ownership of the Pistons in 2009 when her husband Bill passed away.

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