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