Private Equity Titan Tom Gores Closes Deal to Buy Detroit Pistons

Private equity honcho Tom Gores closed his purchase of the Detroit Pistons basketball team Wednesday. “I am very excited at the opportunity to lead this great franchise into the future,” Gores said in a released statement. “The passion and commitment of Pistons fans is legendary, and our goal is to meet every one of their expectations. That starts with the hard work and values necessary to compete for championships. It also includes being a real partner in the community, and we intend to do that as well. We're going to do everything we can to ensure that this organization deserves the passion of our fans. We can't wait to make a difference in Detroit.” Tom Gores founded Platinum Equity in 1995 and has since grown the firm to over $30 billion in combined annual revenue. A press conference to formally announce the purchase is expected Thursday. In addition to the Pistons, Gores bought the team's Palace of Auburn Hills and DTE Energy Music Theatre. According to the Detroit Free Press, "Terms of the deal weren't announced, but a person familiar with it said the agreement places a so-called enterprise value of more than $400 million on the team, the Palace and DTE Energy Music Theatre. But Gores might pay something in the $275 million-$300 million range after backing out minority ownership interests, debt and other liabilities." Gores appears on Forbes List of Billionaires, with an estimated net worth over $2 billion.