AUBURN HILLS, MI (CelebrityAccess MediaWire) – Tom Gores has been announced as the fourth owner of the Detroit Pistons' in the franchise's history.
The sale of Palace Sports and Entertainment (PS&E) and the Detroit Pistons to Gores and his investment firm, Platinum Equity, was formally completed on June 1.
NBA Commissioner David Stern announced on Tuesday that the NBA Board of Governors had unanimously approved the change of ownership.
“It's very important to us, because we think Tom will bring renewed vigor and energy to that great franchise,” Mr. Stern said at a news conference prior to Game 1 of the NBA Finals. “He's really very anxious to get going…and that's a very good development for the Detroit Pistons and the good fans of Detroit.”
Karen Davidson transfers control of the company to Tom Gores after nearly 37 years of Davidson family ownership. William Davidson became the club’s majority owner in 1974.
PS&E’s Michigan venues average 300 events and 3.5 million guests annually.
— Crystal Lynn Huntoon