It's finally official: Tom Gores owns the Detroit Pistons

After gaining approval from the NBA's board of governors, Tom Gores officially closed on his deal to aquire the Detroit Pistons this afternoon. From Vince Ellis of the Free Press:

Detroit, meet the new owner of the Pistons. Tom Gores is now the fourth owner of the franchise that has won three NBA championships after closing a deal to purchase the team this afternoon.

[...] Terms of the deal weren’t announced. But a person familiar with it said the agreement places a so-called enterprise value of more than $400 million on the team, the Palace of Auburn Hills and DTE Energy Music Theatre. But Gores may pay closer to the $275 million-$300 million range for the assets after backing out minority ownership interests, debt and other liabilities.

Gores is expected to be officially introduced late Thursday afternoon at a press conference at the Palace.

Update: Tune in to watch the Tom Gores introductory press conference live at 4:30 p.m. EST at Pistons.com. --MP

X
Log In Sign Up

forgot?
Log In Sign Up

Please choose a new SB Nation username and password

As part of the new SB Nation launch, prior users will need to choose a permanent username, along with a new password.

Your username will be used to login to SB Nation going forward.

I already have a Vox Media account!

Verify Vox Media account

Please login to your Vox Media account. This account will be linked to your previously existing Eater account.

Please choose a new SB Nation username and password

As part of the new SB Nation launch, prior MT authors will need to choose a new username and password.

Your username will be used to login to SB Nation going forward.

Forgot password?

We'll email you a reset link.

If you signed up using a 3rd party account like Facebook or Twitter, please login with it instead.

Forgot password?

Try another email?

Almost done,

By becoming a registered user, you are also agreeing to our Terms and confirming that you have read our Privacy Policy.

Join Detroit Bad Boys

You must be a member of Detroit Bad Boys to participate.

We have our own Community Guidelines at Detroit Bad Boys. You should read them.

Join Detroit Bad Boys

You must be a member of Detroit Bad Boys to participate.

We have our own Community Guidelines at Detroit Bad Boys. You should read them.

Spinner.vc97ec6e

Authenticating

Great!

Choose an available username to complete sign up.

In order to provide our users with a better overall experience, we ask for more information from Facebook when using it to login so that we can learn more about our audience and provide you with the best possible experience. We do not store specific user data and the sharing of it is not required to login with Facebook.

tracking_pixel_9347_tracker