UPDATE 12:25 a.m. EST: The Detroit News disputes the report that a deal is done. It confirms that "exclusive" negotiations are under way and a deal is close, but that bargaining continues regarding the price.
The Detroit Pistons have been in limbo all season long, a team with a divided locker room, a coach the players don't respect and ownership uncertainty that has crippled the organization's ability to make personnel moves.
Finally, after months on the market, it appears the Pistons may have finally found a buyer. The Detroit Free Press reports that Pistons owner Karen Davidson may have struck a deal to sell the team to Tom Gores.
Los Angeles financier Tom Gores has struck a tentative deal to buy the Detroit Pistons from primary owner Karen Davidson, a person familiar with the situation told the Free Press. The sale, which must be approved by the NBA, may be announced Friday.
The agreement, valued at $420 million, was reached this evening, after several days of intense bargaining over details.
Gores, 46, is founder and chairman of Platinum Equity, a private equity investment firm that owns more than 30 companies in a range of industries, from industrial fasteners to recreational boats and a San Diego newspaper. Gores was raised in the Flint area and is a graduate of Michigan State University.
With the trade deadline just weeks away, it's unclear if the agreement has been reached in time to impact Pistons president Joe Dumars' ability to execute a trade. Regardless, this is welcome news to Pistons fans, who have suffered through a terrible season on the court and a dramatic, dysfunctional season off the court.
As of Thursday, the Pistons are 20-33 on the season and in fourth place in the Central Division.