Report: Pistons owner Tom Gores buying 49% of franchise he didn’t already own
Mikhail Prokhorov isn’t the only NBA owner buying full control of his team.Scott Soshnick of Bloomberg News:
Platinum Equity founder and Detroit Pistons owner Tom Gores is buying his firm’s stake in the National Basketball Association team, giving him 100 percent of the franchise, according to a person with direct knowledge of the planned transaction.
Gores, personally, has held a 51 percent stake in the club since 2011. It isn’t known how much he’s paying for Platinum’s 49 percent stake. NBA owners have approved the transaction, said the person, who requested anonymity because the move hasn’t been announced.
When Gores bought the team, many thought he’d treat it like his other purchases – buy low, rehabilitate its value and then flip it a short time later. That’s what Platinum Equity does.
And apparently, that’s what Platinum equity did with the Pistons. The franchise – with the NBA’s exploding revenue and Detroit’s improved Andre Drummond-led roster – is surely worth more than it was in 2011.
While his long of partners surely got a great return on their investment, Gores is personally staying in. He has maintained the team means more to him, that he’s in it for the long haul.
This proves it.