Report: Tom Gores buying 49 percent of Pistons he didn't already own
Detroit Pistons owner Tom Gores is joining a small club of NBA owners who are the sole owner of their franchises.
Gores, who was previously the majority owner of the Pistons with a 51 percent stake, is set to buy the remaining 49 percent, according to a recent report.
Here's more from Scott Soshnick of the Bloomberg News:
"Platinum Equity founder and Pistons owner Tom Gores is buying his firm’s stake in the NBA team, giving him 100 percent of the franchise, according to a person with direct knowledge of the planned transaction.
Gores, personally, has held a 51 percent stake in the club since 2011. It isn’t known how much he’s paying for Platinum’s 49 percent stake. NBA owners have approved the transaction, said the person, who requested anonymity because the move hasn’t been announced."
(h/t Bloomberg News)
