The Tom Gores era is officially under way.
NBA commissioner David Stern announced before Game 1 of the NBA Finals in Miami on Tuesday night that the league’s Board of Governors has signed off on the sale of the team to Gores, chairman and CEO of Platinum Equity.
“We appreciate the approval of the Board of Governors and the support of commissioner Stern,” Gores said. “I understand the importance of the trust that has been placed in us, and we’re very excited to be a part of something as special as the NBA. We can’t wait to make a difference in Detroit. We look forward to getting to work right away.”
The NBA’s official press release confirmed that the Board of Governors’ approval was unanimous.
“The Board of Governors has approved the sale of the Detroit Pistons to a group led by Tom Gores,” Stern told the NBA Finals media. “We expect the deal to close this week. It’s very important to us, because we think Tom will bring renewed vigor and energy to that great franchise. And he’s really anxious to get going. I spoke to him earlier today on my way here. And that’s a very good development for the Detroit Pistons and the good fans of Detroit.”
It was announced in early April that Gores had reached an agreement in principle to purchase the Pistons from Karen Davidson.