The Detroit Pistons have been sold to Tom Gores for $420 million, according to the Detroit Free Press. The deal includes the Palace of Auburn Hills and a music venue, as well. The Pistons have not announced the deal; in fact, franchise owner Karen Davidson released a statement on Friday saying that she and Gores had agreed to extend their exclusive negotiating window by 14 days.
The Free Press, however, reports that just details need to be ironed out.
With a tentative deal reached, the sides need to dot their I's and cross their T's before it becomes official.
Davidson looked to sell the highly valuable Pistons franchise in the months following her husband Bill Davidson's death. Davidson purchased the Pistons in the 1970s, and the team's value shot up thanks to the NBA's popularity explosion in the '80s and Detroit's own success on the court in the late '80s and entire first decade of the new millennium.
The Golden State Warriors sold for a record $450 million in 2010. The Charlotte Bobcats, on the other hand, sold for less than $300 million. Gores, a 46-year-old billionaire and Michigan State alum, is expected to keep the Pistons in Detroit long-term, and as such has been embraced by fans, as evidenced by the reaction to the news at Detroit Bad Boys.