Gores buys team 100% personally ie from Platnium Equity...

[Kilo]

Platinum Equity founder and Detroit Pistons owner Tom Gores is buying his firm’s stake in the National Basketball Association 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.

Pistons spokesman Kevin Grigg didn’t immediately comment. Platinum Equity spokesman Dan Whelan didn’t immediately return an email seeking comment.

The Pistons are worth $810 million, according to Forbes magazine. Gores also bought the team’s arena, The Palace of Auburn Hills.

Gores is a Flint native and Michigan State University graduate. Beverly Hills, California-based Platinum owns companies in a range of industries, including technology, industrials and automotive supply.

http://www.detroitnews.com/story/sports/2015/09/04/source-tom-gores-taking-sole-ownership-pistons/71707626/

Tellum hiring makes a lot more sense if the Platinum money men running the business side are now going to leave.

[Spider156]

$810 million? He paid 325 million for the 51% stake. I'm thinking he got a bargain on the rest of it

[Drwho17]

I wasn't sold on Gores after the first couple of years, not showing up, pushing for the playoff's etc. But he's really turned it around, I think he's learned and improved, takes input well and hiring SVG was a master stroke, I like that he's coming to games now and making his presence felt. I think the Pistons are going to get back to the top with him as an owner, this is just another example of his commitment. Competency and commitment are all I want from an owner.

[The_Irony]

What does this all mean?

[Snakebites]

Yeah, honestly if it doesn't impact the product on the floor I don't really care.

[kurtis48239]

I wonder if the plan the whole time was to buy and then sell,they probably figured after a couple of years they would be able to sell the team and make a profit.Now that they are relizing it isnt as cut and dry,the rest of the partners want out and gores wants to keep the team.

It could be that gores went to them and asked the rest of his partners to buy this team with the understanding he would take full owner ship later on down the line.

Just my thoughts.I do like the idea of 1 owner instead of a collective,it puts all the power in gores hands now.

[Pharaoh]

We don't know if this was the original plan when Platinum bought the team or not.

All we know is that Gores now owns the Pistons and the Palace - no mention of him owning the entertainment arm though.

IMO Gores hasn't put a foot wrong since 2011:

He gave Joe one last shot

He paid big money so Joe could get what he wanted.

When it failed he removed Joe and paid big for SVG.

He's given Stan all the resources he's asked for (scouts, analytics, medicinal)