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

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