Sale Agreement Reached For Detroit Pistons

[AsahinaKimi]

Final Sale Expected By June 30

POSTED: Friday, April 8, 2011
UPDATED: 2:24 pm EDT April 8, 2011

AUBURN HILLS, Mich. -- The Detroit Pistons were among the assets in a pending sale announced Friday between owner Karen Davidson and billionaire financier Tom Gores.

In a statement, Davidson said the sale included The Palace of Auburn Hills, DTE Energy Music Theatre and the operating rights to Meadow Brook Music Festival.

A sales price was not released.

“We are pleased to welcome Tom Gores as the new owner of the Detroit Pistons and Palace Sports and Entertainment,” Davidson said. “Just as my late husband, Bill Davidson, was the face of the Pistons, I am confident that Tom will bring the same energy, dedication and love to this organization. I look forward to seeing Tom follow in Bill’s footsteps, and carry on his legacy.” Gores, 46, was born in Israel but grew up in Flint, Mich., and attended Michigan State University. He maintains a home in the state. According to Forbes, his net worth stands at $2.4 billion.

He is the chairman and CEO of the investment firm Platinum Equity.

http://www.clickondetroit.com/news/27480171/detail.html

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Sold to a Los Angeles-based billionaire? wow..