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Closing Bell

Tom Gores Announces Deal To Buy Pistons From Karen Davidson

Tom Gores and his Platinum Equity investment firm on Friday announced a "definitive agreement" to purchase the Pistons and Palace Sports & Entertainment from Karen Davidson. The deal includes the team, the Palace of Auburn Hills, DTE Energy Music Theatre and the operating rights to Meadow Brook Music Festival. Terms of the agreement were not announced. The sale is "subject to review and approval" by the NBA BOG (DETNEWS.com, 4/8).

Gores said, "I grew up here, I am glad to be back, and I am very excited about all the possibilities looking forward" (FREEP.com, 4/8).

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