Tom Gores' purchase of the Detroit Pistons has been approved by the NBA Board of Governors, the league announced late Tuesday. Gores had reportedly reached an agreement to buy the Pistons for $420 million during the season, with the Palace of Auburn Hills included in the purchase. The NBA requires majority approval from the other 29 owners in the league for any transfer of sale.
Karen Davidson, the widow of longtime Pistons owner Bill Davidson, put the team up for sale last year. Gores lives in Los Angeles where he runs a major investment firm, but is a Michigan native and proud Michigan State University alum. There's no chance he relocates the Pistons, despite the team's need for a new arena as the Palace ages.
The Pistons have long been one of the NBA's most valuable franchises, and despite a couple of tough seasons it's no surprise there was such a prominent suitor willing to pay so much. Gores has a couple of major decisions to make soon, though; coach John Kuester's fate should be determined within days, and a public statement on president Joe Dumars should come, too.