Billionaire investor Tom Gores finalized his purchase of the Detroit Pistons Friday, the Detroit Free Press reported.
"We are pleased to welcome Tom Gores as the new owner of the Detroit Pistons and Palace Sports and Entertainment," current owner 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."
The purchase price was not disclosed, but Forbes has estimated the value of the Pistons to be $360 million. The sale must still be approved by the NBA.