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According to the Detroit News, Tom Gores and his Beverly Hills-based investment firm, Platinum Equity, have announced today (April 8) a definitive agreement to buy the Detroit Pistons of the National Basketball Association and Palace Sports and Entertainment. Platinum Equity owns the Union-Tribune. The bargaining for the team has been going on for some time. The deal includes the team, the Palace of Auburn Hills, DTE Energy Music Theatre and the operating rights to Meadow Brook Music Festival, according to the News. Terms were not announced. The deal is subject to approval by the league. Supposedly, Comerica Bank will finance the sale, which is expected to be complete by June 30 if the NBA approves. Gores was a long-time resident of Michigan before moving to Southern California.

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Comments

SurfPuppy619 April 8, 2011 @ 1:02 p.m.

Auburn Hills is a very nice upscale area of suburban Detroit....

I lived in Michigan and although it was hard to adjust to at first coming from CA., Michigan really grew on me, I really liked and enjoyed it. I traveled down to Ohio and Kentucky and both of those states were very nice too.

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Don Bauder April 8, 2011 @ 8:58 p.m.

The little white collar criminals get nailed. The big ones don't, generally. However, I was gratified to see this week that Jeff Skilling of Enron lost his chance to get out of prison. Best, Don Bauder

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Don Bauder April 8, 2011 @ 8:56 p.m.

We lived in Ohio (Cleveland) 7 years. Both our sons were born there. We lived in a beautiful area. I haven't seen it since 1973, but I would like go to back -- for a day or two. Best, Don Bauder

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