7 a.m., May 24
Tom Gores Takeover of Detroit Pistons Inches Closer; Terms Still Secret
As the deal for Tom Gores and his Beverly Hills-based Platinum Equity to buy the Detroit Pistons basketball team creeps closer to closing, the Detroit News is reporting today that seller Karen Davidson may retain some kind of interest in the operation, even if just sentimental. But don't expect any public release of the sales price.
"What I would say is that Ms. Davidson has a great affinity toward this team and this arena," Adam Klein, lead counsel to Davidson for the sale, told the paper. "It is a big part of her family. By picking this buyer, Tom Gores, in addition to coming to agreement on the terms and conditions, she also got very comfortable with him and with the thought that the legacy of her husband would be put in very good hands.
"She will have — I don't know what kind of role you would say; not an employee, certainly, but someone whose name is still associated with the franchise who would be able to help in any way, perhaps as an ambassador for the team," Klein was further quoted as saying.
"Whatever the case may be, people who have been associated with businesses, organizations, sports franchises often transition out of a long-term relationship. But with her love for the community -- and the team, in particular -- I don't think she is just going to walk away and not have anything to do with it."
Word is that the deal, as yet to be approved by NBA owners, will close later this month or sometime in June.
Among its other holdings, Platinum Equity owns the San Diego Union-Tribune.
More like this:
- Gores Brothers Finalists in Bidding for Warner Music — April 18, 2011
- Union-Tribune Owner Buys Detroit Pistons — April 8, 2011
- Gores in Intense Talks to Buy Detroit Pistons — Feb. 11, 2011
- Did Platinum Pay $30 Million for U-T, or $52 Million? — Sept. 22, 2010
- Gores Going Digital. Pro Basketball Next? — Sept. 16, 2010