SBD/February 21, 2011/Franchises

Sale Price For Pistons A Major Cause For Complexity In Negotiations

Formal deal for Pistons sale still lacking five days before deadline
The sale price of the Pistons is a "major cause for the complexity of negotiations" with Platinum Equity Chair & CEO Tom Gores, and it is "just one explanation for why, even now, five days before the latest deadline for making a deal, the two sides have yet to agree on the outlines of an eventual accord," according to sources cited by Krupa & Goodwill of the DETROIT NEWS. Sources said that "both sides are closing the gap, but that what likely will happen next is that Gores' exclusive negotiation period will be extended another two weeks." NBA Commissioner David Stern Saturday said, "We know that there are very intense negotiations going on, which are in their final stages. Either there will be a deal or there won't be a deal within the next week. And every indication is there will be a deal, and we'll see how that goes." Krupa & Goodwill write, "What is clear is that as the third partner to the negotiations, the NBA has a significant stake in making certain the announced price tag is in excess of $400 million" (DETROIT NEWS, 2/21). In Detroit, Vince Ellis reports Gores watched last night's NBA All-Star Game "from a suite" at Staples Center, and Stern "met with representatives from Platinum Equity ... before the game." Current Pistons Owner Karen Davidson also was "in attendance," as the sides "continue to work on a deal that would give Gores the Pistons" (DETROIT FREE PRESS, 2/21).
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