The months of waiting are apparently over.
Back in early February, we noted that investor Tom Gores had a deal in place to purchase the Detroit Pistons from Karen Davidson. Throughout All-Star Weekend, the sale seemed imminent, however it failed to materialize. Last week, Ken Berger of CBSSports.com reported that the negotiations were "far enough along to expect the matter to come to a vote by the Board of Governors April 14-15 in New York."
On Friday, the Detroit Free Press reports that Gores has signed an agreement to purchase the Detroit Pistons and the team's building for $420 million, pending league approval, of course.
Gores, a Los Angeles-based financier who grew up in the Flint area, has signed a purchase agreement to acquire the team and other Palace Sports & Entertainment properties. It still must be approved by the NBA.
“I am very proud to have this opportunity to be part of such a tremendous organization,” Gores said in a released statement. “I know it’s been a long process, and I appreciate the patience and support of the Detroit community. I have been impressed with the Davidson family and the way it has protected and built such a storied franchise. I grew up here, I am glad to be back, and I am very excited about all the possibilities looking forward.”
In a statement obtained by the Free Press, Pistons owner Karen Davidson said today: "We are pleased to welcome Tom Gores as the new owner of the Detroit Pistons and Palace Sports and Entertainment.The Pistons have been a disaster on and off the court all season, with a player mutiny against coach John Kuester highlighting all sorts of minor squabbles. President Joe Dumars was unable to make any roster moves, apparently because of the ownership uncertainty, and the team just accepted its fate, heading back to the NBA Draft Lottery for the second straight season.
Will Kuester be retained? Will the roster be overhauled? Those are questions for another day. Right now, it's time to party for Pistons fans, who wasted a year of their life watching their team spins its wheels in ugly fashion.