Tom Gores, a half-Lebanese, half-Greek American Los Angeles-based financier along with his investment firm Platinum Equity, agreed on a deal to buy the Detroit Pistons NBA basketball franchise today according to various reports.
Gores is the nephew of Flint businessman Tom Joubran. Terms of the deal were not disclosed.
He will take over ownership of the team from Karen Davidson, the wife of late owner Bill Davidson. Gores’ personal bank account is estimated at $2.4 billion.
“We are pleased to welcome Tom Gores as the new owner of the Detroit Pistons and Palace Sports and Entertainment,” Karen Davidson said in a statement. “Just as my late husband, Bill Davidson, was the face of the Pistons, I am confident that Tom will bring the same energy, dedication and love to this organization. I look forward to seeing Tom follow in Bill’s footsteps, and carry on his legacy.”
Gores said he was proud to have the opportunity and glad to be back in Michigan. He attended college at Michigan State University in East Lansing.
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