Flint Native Tom Gores Approved To Buy Detroit Pistons
1982 Genesee High School Graduate and Investor Tom Gores looks to be nearing the end of a lengthy purchase of the Detroit Pistons after receiving approval from NBA's Board of Governors. Commissioner David Stern expects that the deal will be done by week's end.
You may remember Tom Gores as the investor who saved the Cadillac, Michigan based Four Winns manufacturing company a year ago. His company Platinum Equity purchased the bankrupt business saving and creating hundreds of jobs in the community. Now he has set his sights on the Detroit Pistons, another "business" that requires a much needed overhaul. The Pistons have missed the playoffs two seasons in a row now, lets hope the franchise's change of hands translates to a change of fortune.
Gores has actually been in negotiations to purchase since before the start of the 2010-11 season. The Michigan State alum will acquire the team from current owner Karen Davidson, Commissioner Stern approvingly said:
"Gores will bring renewed vigor and energy to that great franchise, and he's really very anxious to get going. I spoke to him earlier today on my way here. And that's a very good development for the Detroit Pistons and the good fans of Detroit."
A lot of changes are expected once Gores assumes control of the team and it is speculated that one of the first moves will be the elimination of current Head Coach John Kuester from the payroll. Gores himself said of the impending sale:
"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."
Gores was ranked the 153rd richest man by Forbes in 2010 with a net worth of $2.4 billion. Though he is a Flint native, Gores now lives in California (where his company is based) with his wife and three children.