Source Says Tom Gores Reaches Tentative Deal To Buy Pistons

A source said that Platinum Equity Chair & CEO Tom Gores "has struck a tentative deal" to buy the Pistons from Karen Davidson, and the deal "may be announced as early as today." The value of the deal, which includes the team, Palace of Auburn Hills and DTE Energy Music Theatre, is "expected to be announced at $420 million," with current ownership retaining a "minority stake of perhaps 10% for up to several years" (DETROIT FREE PRESS, 2/11).

Other sources denied that report, saying that there is "no agreement in place to sell the team and the two sides continue to bargain on a price." However, the Pistons are "about to extend exclusive negotiations" by two weeks with Gores as talks "gather steam" (DETROIT NEWS, 2/11).