AUBURN HILLS — An afternoon press conference at the Palace
of Auburn Hills announced Arab American Tom Gores and his Platinum Equity firm
as the official owners of the Detroit Pistons and Palace Sports and
Entertainment on Thursday, June 2 following unanimous approval by the NBA’s
Board of Governors on Tuesday.

New Pistons owner Tom Gores listens to a question at the Palace of Auburn Hills on Thursday. The sale to Gores and his equity group was approved by the NBA on Tuesday. PHOTO: Nick Meyer/TAAN

Gores, who is half-Lebanese and half- Greek with the given
first name of Tewfiq, becomes the fourth owner in the team’s history and will
take over for Karen Davidson, who owned the team following the passing of
longtime owner Bill Davidson in 2009.

According to Forbes.com, the billionaire Gores paid $325
million for the team and entertainment empire.

“I am very excited to lead this great franchise into
the future,” Gores said prior to the press conference. “The passion
and commitment of Pistons fans is legendary and our goal is to meet every one
of their expectations.”

Karen Davidson said she was excited to complete the sale.

“I can not tell you how certain I am that Tom Gores is
the right person for this team, and he is going to bring a passion to this that
others would not,” she said. “He is a man who is smart. He is a man
who works hard.”

Gores’ company is one of the leading private equity firms in
the world, having completed more than 115 acquisitions with its headquarters in
L.A.

Platinum has grown using a strategy of acquiring companies,
changing their operations and saving them from distress, and oftentimes selling
them, which has made some in the Detroit area a bit uneasy about the team
potentially being re-sold at some point.

But Gores, who has been described as a diehard sports fan,
assured the media and the city that he is committed to the Pistons’ franchise
and that he would not attempt to “spin” any of his newly-bought
assets.

“Ultimate the fans are our customers and our goal is to
make the community happy,” he said. “This team is a community asset.

“It includes being a real partner in the community and
we intend to do that as well…we can’t wait to make a difference in
Detroit.”

Gores was asked at the press conference if he is a Los
Angeles Lakers fan or not considering his business’ headquarters in the city..
“I used to be,” he replied, drawing laughs from the media.

After being born in Nazareth, he moved to Michigan in 1968
with family members and grew up in the Flint area as a Pistons fan. Gores said
he couldn’t make it to games because he only had a bike to ride. Gores said he
planned to look at ways to bring more inner-city families and kids from Detroit
out to the games in Auburn Hills, noting that he had the same problems getting
to games when he was younger.

His brother Alec Gores, who founded The Gores Group, another
private equity firm, and grew up studying business with his brother, also
attended. He spoke of the family’s journey to the U.S. and pursuit of their
goals.

“Coming here from overseas to the U.S., his story is
really all about living the American dream and being able to achieve all that
you can in this country.”

The sale to Gores was originally expected to be completed on
June 30 but the process was expedited so that the front office can prepare for
the 2011 NBA Draft on June 23.

Gores said he plans to rely on General Manager and
Hall-of-Famer Joe Dumars in the early going until he learns the business. He
also plans to make a decision on embattled Head Coach John Kuester very soon as
confirmed by Dumars.

While the Pistons, one of just five NBA teams to win three
or more titles in league history, struggled mightily last season and missed the
playoffs, Gores believes he can help turn it around the same way he was able to
do in the business world with numerous companies.

“We’re going to be all about hard work, and values, and
we have to be competitive, that’s the goal,” he said.

“If we go back to those core values that the franchise
is known for and work hard, the wins will come.”