shakin the tree

Discussion in 'Pistons and NBA' started by G-man, Jun 30, 2011.

  1. G-man

    G-man Starter

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    Pistons CEO out as part of business-side shake-up

    Yahoo Sports

    "AUBURN HILLS, Mich. (AP)— Detroit Pistons CEO Alan Ostfield has been let go by the team’s new ownership.

    Ostfield became president and CEO of both the Pistons and Palace Sports & Entertainment last year. The team was purchased about a month ago by Platinum Equity chairman Tom Gores in a deal that included Palace Sports.

    Platinum Equity partners Phil Norment and Bob Wentworth will share PS&E leadership responsibilities on an interim basis. Norment says the change is part of “an overall realignment of the business side of the organization.”

    Gores has left team president Joe Dumars, who heads the team’s basketball operations, in place."

    Pistons CEO out as part of business-side shake-up - NBA - Yahoo! Sports


    (Can you say chicklets?)
  2. Nemo

    Nemo Pun Master Forum Donor

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    Poor Joe...can you say "lame duck"

    [​IMG]
  3. LA Dre

    LA Dre All-Star 1x Fantasy Champion Forum Donor

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    As long as he keeps the toughest Piston, security guy Jerry Herndon, "we good"

    [​IMG]
  4. round

    round All-Star 1x Fantasy Champion

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    Can't say I'm surprised or bothered by the move. He was hired by Karen, so he wasn't a long time employee... New ownership usually replaces high management positions when they take over, so no real surprise here.


    we need more things for me to post on I have a killer 2000 post to make :P
  5. mikhail1973

    mikhail1973 All-Star Administrator 1x Fantasy Champion

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    Wasn't he hired in 2000?
  6. round

    round All-Star 1x Fantasy Champion

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    Ostfield became president and CEO of both the Pistons and Palace Sports & Entertainment last year. The team was purchased about a month ago by Platinum Equity chairman Tom Gores in a deal that included Palace Sports.

    from the article, I looked it up though and your right was hired in 2000... just wasn't the CEO till last year. So you are correct... Still not surprised with a change at the top.
  7. TaS

    TaS All-Star Forum Donor

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    Maybe CV should take it to the hole more often. When he gets that George Foreman look on his face, he can drag two grown men down the lane.
  8. mikhail1973

    mikhail1973 All-Star Administrator 1x Fantasy Champion

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    Oh, I am not surprised. That's how I lost my previous job (company got acquired)
  9. Nemo

    Nemo Pun Master Forum Donor

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    That look kinda makes the hair stand up on the back of my neck...
  10. BallDon'tLie

    BallDon'tLie All-Star 3x Fantasy Champion

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    Awesome photo TaS!

    The Pistons Marketing peeps need to get a hold of that and make that the promo poster for next season with the caption: "Trying to get to work!"
  11. Darth Tater

    Darth Tater All-Star Forum Donor 6x Fantasy Champion

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    That's deep. :nono:

    Make no mistake. If Rascoe had not retired [STRIKE]to the old folk's home with Woody[/STRIKE] I would report those posts and you guys would be in huge trouble.


    :tsk::horn:

    :call-police:






    You're sick. Sick...Sick...Sick! That's what I say...SICK!

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  12. G-man

    G-man Starter

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    see, we all have different perspectives. when i looked at the photo i thought, "geez, he's not even fast enough to get away from a guy wearing a street suit!"
  13. Nemo

    Nemo Pun Master Forum Donor

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    Agreein with G-man here...also figured that Stuckey just wanted a hug.

    As a side note. Any reference to Sir Graves Ghastly should cause the poster to lose 1,000 posts on their total...:)
  14. LA Dre

    LA Dre All-Star 1x Fantasy Champion Forum Donor

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    :MusicBigGrin::):pound:
  15. G-man

    G-man Starter

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    Different Kind of Sports Owner
    LA Observed - Tom Lacter

    "L.A. billionaire Tom Gores, who made his fortune in the private equity business, appears to be treating his newly purchased Detroit Pistons like any other investment. That is, he fired CEO Alan Ostfield and installed two partners from his firm, Bev Hill-based Platinum Equity. Actually, this is pretty standard stuff when a private equity firm takes over. From Dealbook;
    When a buyout shop, especially a firm like Platinum that specializes in turnaround situations, takes over a company, it comes in, puts a transition team on the ground and radically restructures. It looks to execute a "100-day" plan that deals with the most pressing problems at the company, whether it's weakness in the executive ranks or holes in the company's strategy. From there, a private equity firm carefully monitors the investment on a monthly or quarterly basis. These early and aggressive actions by Mr. Gores underscore the private-equity nature of this deal. What is more, Platinum's $2.75 billion buyout fund invested in the team alongside Mr. Gores's personal funds.
    Normally, private equity funds want to make a return on their investment and then sell out after a few years. Given Gores' personal interest - Michigan native and basketball nut - he might hang in there longer than usual."

    Different kind of sports owner - LA Biz Observed

  16. G-man

    G-man Starter

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    Who really owns the Detroit Pistons (cont.) Dan Primack - CNN Money

    "Back in April, there were lots of reports about how private equity investor Tom Gores was planning to buy the Detroit Pistons basketball franchise and related assets. I put a slightly different spin on it, saying that the majority owner would be a private equity fund managed by Gores' firm Platinum Equity, rather than Gores himself. In response, some Detroit sports scribes basically said I didn't know what I was talking about. Here was Vince Ellis of the Detroit Free Press:
    A published blog posted on fortune.com Wednesday may have been misleading in speculating that this will be the first time a private equity fund will be the primary owner of an NBA franchise. Here are the facts: The deal's structure does include a minority investment from one of Platinum's private equity funds -- along with financing from Comerica -- but Gores is putting up the majority of the capital and will be the owner. This is not an unusual arrangement. The Pistons' current ownership team has minority investors, and so does nearly every other team in the league. The NBA insists on a single owner who controls the team, and that will be Gores.

    Turns out we were both right. Sort of.

    Platinum Equity does indeed own 51% of Palace Sports & Entertainment (the holding company), meaning that a private equity fund is technically the majority owner. But Gores is a significant investor in Platinum funds, which means he indirectly owns a majority stake. Moreover, Gores is the top decision-maker at Platinum – giving him sole operational control.

    It will be interesting to eventually learn more about how the deal is structured, including what happens if it goes bad. Remember, an individual owner can hold onto a money-losing franchise, so long as they can stomach the hit. A fund with outside investors, however, has different fiduciary obligations."


    Who really owns the Detroit Pistons (cont.) - The Term Sheet: Fortune's deals blog Term Sheet



  17. roscoe36

    roscoe36 All-Star Administrator

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    Thanks G-man, great info.
  18. TaS

    TaS All-Star Forum Donor

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    Platinum Equity » Leadership

    Notice that Gores has surrounded himself with lots of straight up people. Roger House has the closest thing to a head tilt going and it's only 10 degrees at best.

    Here are a few quotes from PE leadership:
  19. pass99

    pass99 All-Star Forum Donor

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    JD will not get three years. He already has a major over-seer and there will be more.
  20. Nemo

    Nemo Pun Master Forum Donor

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    I think Gores will keep his percieved word here. JD gets three years...not a day more...where's the "Pick the new Pres" thread...:stirthepot:

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