Platinum Equity Principal Mark Barnhill said that his partner, Pistons Owner Tom Gores, "has bought the remaining 49%" of the team from the firm, according to Brian Manzullo of the DETROIT FREE PRESS. Though it "won’t change anything from a control standpoint," this transaction "gives Gores 100% of the equity, which is important for his long-term commitment to the franchise." Gores also owns Palace Sports & Entertainment, which already held the other 51% stake in the team. Barnhill in an email wrote, "Some folks questioned when we bought the team whether Tom was in this for the long haul or not. This transaction should put that question to bed. He’s put up the capital to buy the fund out and now owns 100% of the team. He’s in this for the long haul, and will own this team long after the lifecycle of the fund that originally invested expires." Manzullo noted this move also "could forge a path for others" -- such as new PS&E Vice Chair Arn Tellem -- "to acquire minority ownership of the Pistons" (DETROIT FREE PRESS, 9/5). BLOOMBERG NEWS' Scott Soshnick noted it "isn't known how much" Gores is paying for the 49% (BLOOMBERG NEWS, 9/5).
