Sale Price For Pistons A Major Cause For Complexity In Negotiations
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 thelatest deadline for making a deal, the two sides have yet to agree onthe 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 likelywill happen next is that Gores' exclusive negotiation period will beextended another two weeks." NBA Commissioner David Stern Saturday said, "We know that there are veryintense negotiations going on, which are in their final stages. Either there will be a deal or there won't be a deal within thenext week. And every indication is there will be a deal, and we'll seehow that goes." Krupa & Goodwill write, "What is clear is that as the third partner to the negotiations, the NBAhas a significant stake in making certain the announced price tag is inexcess 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).