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Tom Gores Reaches Agreement To Buy Detroit Pistons

The Detroit News is reporting that Tom Gores will be the new owner of the Detroit Pistons. Citing an announcement from Platinum Equity, Gores' investment firm, the News says a "definitive agreement" has been reached for him to buy the Pistons and Palace Sports & Entertainment.

Karen Davidson, the soon-to-be previous owner of the Pistons, had this to say in a statement:

"We are pleased to welcome Tom Gores as the new owner of the Detroit Pistons and Palace Sports and Entertainment," Davidson said in a release. "Just as my late husband, Bill Davidson, was the face of the Pistons, I am confident that Tom will bring the same energy, dedication and love to this organization. I look forward to seeing Tom follow in Bill's footsteps, and carry on his legacy."

The next step is for the sale to be approved by the NBA's Board of Governors, which could happen at a meeting later this month. If approved, Gores will take over the Pistons and Palace of Auburn Hills, as well as DTE Energy Music Theatre and the operating rights to the Meadow Brook Music Festival.

Currently the exact terms of the agreement (i.e. how much Gores paid to complete the sale) have not been disclosed.