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Monday, April 11, 2011

Tom Gores buy Detroit Pistons and the Palace of Auburn Hills

The Detroit Pistons and related properties have been sold.  Its previous owner, Karen Davidson, is the widow of the legendary Bill Davidson.
April 8, 2011

Karen Davidson and Tom Gores Reach Agreement on Sale of Detroit Pistons


AUBURN HILLS, MI – Palace Sports and Entertainment (PS&E) and Detroit Pistons Basketball Company (DPBC) owner Karen Davidson today announced a definitive agreement to sell PS&E, DPBC, and their respective assets – including the NBA’s Detroit Pistons, The Palace of Auburn Hills, DTE Energy Music Theatre and the operating rights to Meadow Brook Music Festival – to financier Tom Gores and his investment firm, Platinum Equity. Terms of the agreement, which is still subject to review and approval by the NBA’s Board of Governors, were not disclosed.
"We are pleased to welcome Tom Gores as the new owner of the Detroit Pistons and Palace Sports and Entertainment," said Karen Davidson. "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."
"Michigan-bred" does not necessarily mean Michigan-based.

On the other hand, professional sports, especially athletes, involve a mercenary ethic more than genuine pride in the virtues and efforts of a specific place.

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