Report: Tom Gores Bought Pistons For $325 Million

Forbes' Mike Ozanian reports that the purchase value of the Detroit Pistons in Tom Gores' deal to buy the team was $325 million. Gores bought all of Palace Sports and Entertainment, which includes the Pistons, Palace of Auburn Hills, DTE Energy Music Theatre and the Meadow Brook Music Festival. The Pistons portion of the deal, which is expected to give Karen Davidson a minority stake in the team, is valued at $325 million.

During Thursday's introduction event, Gores was asked what he paid for the Pistons. He declined to give a specific number, however. Instead Gores simply said that the cost of the deal was somewhere "between 0 and 6."

If Forbes' number is accurate, Gores paid far less than $400 million, which is what the NBA was supposedly hoping to get for the team. Of course, the fact that Davidson is expected to retain a stake in the team could have something to do with the lower number.

In any case, considering the economy in the Detroit area isn't great and the decline in ticket sales over recent years, $325 million is still quite a bit for the Pistons. Gores will have to work to rebuild interest and value in the franchise after a rough couple of seasons.

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