Gores’ Pistons Takeover Approved by NBA Board
June 2, 2011
Tom Gores, chairman and CEO of California-based Platinum Equity, will complete his takeover of the National Basketball Association’s (NBA) Detroit Pistons after being unanimously approved by the league’s board of governors.
Gores placed joint 153rd in Forbes’ 2010 list of the 400 richest people in the United States with a net worth of US$2.4bn.
The Pistons announced in April that Gores had agreed to buy the team from owner Karen Davidson and the new owner stated: “We appreciate the approval of the board of governors and the support of (NBA) commissioner (David) Stern.
“I understand the importance of the trust that has been placed in us, and we’re very excited to be a part of something as special as the NBA. We can’t wait to make a difference in Detroit. We look forward to getting to work right away.”
On Tuesday, Stern told The Associated Press: “We think Tom will bring renewed vigour and energy to that great franchise, and he’s really very anxious to get going.”