Tom Gores Reaches Agreement to Buy Pistons

Greg Monroe

Greg Monroe

The Detroit Pistons announced Friday that billionaire California investor Tom Gores has agreed to buy the struggling NBA franchise, ending a drawn-out sale by longtime owner Karen Davidson that stretched back before the season.

The tentative deal, which also includes The Palace of Auburn Hills and DTE Energy Music Theatre, must be approved by the NBA.

Terms were not disclosed, but the deal is expected to close by June 30. Gores, the chairman and CEO of Beverly Hills, Calif.-based Platinum Equity, also is buying the operating rights to the Meadow Brook Music Festival.

ESPN.com

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