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Palace Sports & Entertainment CEO Fired By New Owners

New Pistons owner Tom Gores retained president of basketball operations Joe Dumars when he took over the franchise, but Palace Sports & Entertainment CEO Alan Ostfield wasn't so lucky.

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Ostfield was let go by new owners Platinum Equity LLC, Gores' company that bought the Pistons this spring. PS&E is the umbrella corporation that runs the Pistons, the Palace of Auburn Hills and the DTE Energy Music Theatre, which Gores also bought as part of the $325 million deal for the Pistons. Platinum Equity explained the move to part with Ostfield in a statement:

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"We have made some changes as part of an overall realignment of the business side of the organization. We appreciate Alan's contributions but have decided to move in another direction," Phil Norment, a partner with new Palace Sports owner Platinum Equity LLC, said in a statement this afternoon.

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It's not known who will take over Ostfield's role. Ostfield assumed the CEO position when Tom Wilson left the company in 2010 to join Ilitch Holdings Inc., which provides technical services to the Detroit Red Wings and Detroit Tigers as well as Little Caesar's Pizza.

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