Nearly 15 months after Karen Davidson "began talking about selling the Pistons," Platinum Equity Chair & CEO Tom Gores and her agent, Citi Private Bank, "still are negotiating," according to Krupa & Goodwill of the DETROIT NEWS. Sources close to the negotiators said that "not only is no agreement imminent, Karen Davidson's fatigue and frustration are growing." One source close to Davidson last week said that the process is "so utterly problematic, she feels as though she has lost control of it." Her concern, "in part, is that while Gores continually requires more information, too few details of an agreement are in place, despite more than two months of exclusive negotiations." While the NBA is "looking for a purchase price that reflects its valuation of the franchise, $420 million, the negotiations have yet to yield a path to that price or one more agreeable to Gores." Sources said that "much remains in play," including whether Davidson and her late husband's children "will retain a portion of the franchise or are paid significant revenue from the entertainment properties, including the DTE Energy Music Theater." While the talks "continue, at least one new prospective bidder, in addition to Ilitch Holdings Inc., the company of Mike and Marian Ilitch, has been blocked from entering the process" (DETROIT NEWS, 3/31). CBSSPORTS.com's Ken Berger wrote the "word in league circles" is that negotiations to sell the Pistons to Gores are "far enough along to expect the matter to come to a vote by the Board of Governors April 14-15 in New York" (CBSSPORTS.com, 3/29).
