Wiggles Confirmed - Gores is New Owner of Pistons

Discussion in 'Pistons and NBA' started by armygirl, Feb 11, 2011.

  1. armygirl

    armygirl Bench Warmer Forum Donor

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    Per Detroit Free Press. Billionaire Tom Gores has struck a tentative deal with Davison, the announcement can come as soon as Friday. This decision was apparently reached Thursday night.

    One of the biggest looming issue is whether or not Dumars is retained. I know that there are a lot of pros and cons regarding this situation.

    I am a Dumars banner waver, even though his last few aquisitions are head scratchers. Those decisions in my opinion cannot/should not minimize his overall accomplishments. Only time will tell Dumars fate as well as the fate of the team including the coaches.

    I think that a trade will be made before the deadline without specifically worrying about salary implications. The league of course will have to approve the sale, however this does not prevent Gores from making personnel moves. Approval form the NBA is simply a technicality.
     
  2. coynejeremy

    coynejeremy All-Star Administrator 1x Fantasy Champion Forum Donor

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    Re: Confirmed...Gores is New Owner of Pistons

    Oh happy day!!!
     
  3. Mogilny

    Mogilny All-Star Forum Donor

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    Re: Confirmed...Gores is New Owner of Pistons

    He's first move should be to make T-Mac the first ever playing GM! The GM-coach-PG relations would become complex and think about the contract negotiations for the next season, what kind of offer would T-Mac offer himself?

    On a slightly more serious note, it will be interesting to see what happens with all the rumoured trades. No more hands-tied-by-the-ownership-situation excuses.
     
  4. Nemo

    Nemo Fantasy-Football Snub Forum Donor

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    Re: Confirmed...Gores is New Owner of Pistons

    This is the kind of news that could increase PF membership without it being a negative for the team (AI signing). Darth needs to begin design ideas for our new PF t-shirts. Personally...I'll order a few of the Tom Gores shirts...:)

    The "Wiggle This" t-shirts will also become legendary...
     
  5. coynejeremy

    coynejeremy All-Star Administrator 1x Fantasy Champion Forum Donor

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    Re: Confirmed...Gores is New Owner of Pistons

    Does anyone know where you can find ridiculously expensive 5-button polos?
     
  6. G-man

    G-man Starter

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    Todays Detnews.. unconfirmed

    Sources: Tom Gores, Pistons close in on deal, extend talks - Detroit News Gregg Krupa and Vincent Goodwill


    "The Pistons are about to extend exclusive negotiations with California financier Tom Gores for two weeks as negotiations gather steam. Gores has remained in town for several days to participate in them directly. But sources close to the process told The Detroit News Thursday there's no agreement in place to sell the team and the two sides continue to bargain on a price.

    But enough progress has been made that an original exclusive period of 30 days for Gores to negotiate an agreement will now extend through late February. Sources cautioned that while the sides are moving closer, there's no agreement on a price and the bargaining has been hard.

    That said, sources on both sides said that their confidence a deal is attainable increased in the past two weeks.

    A representative for Gores, Mark Barnhill, declined comment, citing the policy of the investment firm, Platinum Equity, of neither confirming or denying negotiations until a deal is done. Representatives for thePistons and the agent assisting Karen Davidson in the sale, Citibank, were not available late on Thursday.

    "We don't comment on deals until they are done," Barnhill said. Davidson, the widow Bill Davidson, the late owner of the Pistons, told WDIV-TV Thursday that no agreement is in place."

    From The Detroit News: Sources: Tom Gores, Pistons close in on deal, extend talks | detnews.com | The Detroit News








     
  7. G-man

    G-man Starter

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    Todays Mlive -

    Report: Flint native Tom Gores reaches tentative deal to buy Detroit Pistons for $420 million - MLive Chris Iott

    "There were conflicting reports Thursday night about where the potential sale of the Detroit Pistons to Tom Gores stands. But activity certainly seems to be heating up.

    The Detroit Free Press reported Thursday night that the sale of the team to Gores is expected to be announced Friday. The Detroit News later reported that an agreement had not been reached but that the two sides had agreed to extend their exclusive negotiating period for two weeks because talks had heated up between Gores and Pistons owner Karen Davidson.

    The Free Press, citing a source close to the situation, reported that Gores reached a tentative agreement Thursday to purchase the Pistons -- along with The Palace and DTE Energy Music Theatre -- for $420 million.

    The Pistons declined comment when reached late Thursday night.
    Gores, a native of the Flint area and a Michigan State University graduate, attended a game at The Palace on Tuesday, which led to speculation that a deal might be almost done. Gores watched the game from a midlevel suite and was seen talking with owner Karen Davidson and Pistons executives during and after the game.

    Gores, whose net worth is estimated by Forbes at more than $2 billion, is the founder and chairman of Platinum Equity, a private equity investment firm. He became the front-runner to purchase the franchise after talks broke down between Davidson and Mike Ilitch, who owns the Detroit Tigers and Detroit Red Wings.

    Ilitch had hoped to purchase the team with the plan to build an arena in downtown Detroit that would house both the Pistons and Red Wings.
    Multiple reports said that Gores and the Pistons entered into a 30-day exclusive negotiating period during the first week of January and that the sides continued to talk after that period ended recently.

    Neither Davidson nor Gores would comment on the situation Tuesday night when approached by media members. Davidson did make one comment to WWJ (AM-950), saying, "He's family," in regards to Gores"

    Report: Flint native Tom Gores reaches tentative deal to buy Detroit Pistons for $420 million | MLive.com
     
  8. G-man

    G-man Starter

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    Re: Confirmed...Gores is New Owner of Pistons

    $420M?

    if thats the number - it's a good one.
    wonder how much more skin that is - than what pizza face offered?
     
  9. raxrets

    raxrets Team Captain

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    Re: Confirmed...Gores is New Owner of Pistons

    it still is not confirmed....actually.

    I suspect that Armygirl and Wiggles are the same person:stirthepot::stirthepot:
     
  10. Ernie the Slow Adult

    Ernie the Slow Adult All-Star Forum Donor

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    Re: Confirmed...Gores is New Owner of Pistons

    That number seems to be for the whole PS&E entity. The original $400 million price was what the team was valued at on its' own, wasn't it?
     
  11. Ernie the Slow Adult

    Ernie the Slow Adult All-Star Forum Donor

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    Re: Confirmed...Gores is New Owner of Pistons

    If this deal is indeed done LeBron James is going to need some fancy shades to outshine the star of Tommy Gores if he is at the game.
     
  12. TaS

    TaS All-Star Forum Donor

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    Re: Confirmed...Gores is New Owner of Pistons

    Gores should immediately give Dumars a huge bonus for hacking off a few hundred million from the sale price.
     
  13. max

    max All-Star

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    Re: Confirmed...Gores is New Owner of Pistons

    I think orginally offered a little over 400 mil and it's rumored that he dropped it to 360mil after the Forbes report came out and his own team did their analysis.
     
  14. jzchen

    jzchen Bench Warmer Forum Donor

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  15. max

    max All-Star

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    Re: Confirmed...Gores is New Owner of Pistons

    :pound:
     
  16. BillLaimbeer

    BillLaimbeer All-Star 4x Fantasy Champion Forum Donor

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    Re: Confirmed...Gores is New Owner of Pistons

    Granholm should get a cut too for helping destroy the Michigan economy. :stirthepot:
     
  17. jayborne

    jayborne Bench Warmer

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    Re: Confirmed...Gores is New Owner of Pistons

    Well that's the end of this season's excuse.
     
  18. G-man

    G-man Starter

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    on valuation...

    "Gores founded Platinum Equity, a firm that purchases struggling companies and reverses their fortunes, in 1995 and has built a 30-company portfolio that generates more than $27 billion in annual sales. It's the 27th largest private company in America.

    That turnaround experience should help with Detroit and the Pistons. Despite what inspirational commercials may suggest about their city, the Pistons huge decline in value is mostly connected with the local economy, although consecutive losing seasons haven't helped. But Gores agreed to split the difference in 2009 and 2010 valuations 50-50 with current owner Karen Davidson.


    Davidson, the widow of beloved owner Bill (who purchased the team for $8 million in 1974), will gladly take that deal."

    Read more: Billionaire Tom Gores Went From Scrubbing Bathrooms To Owning The Detroit Pistons
     
  19. BallDon'tLie

    BallDon'tLie All-Star 3x Fantasy Champion

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    Re: Confirmed...Gores is New Owner of Pistons

    :smoke06:...420 seems like a good price. :detective:










    (sorry, ...this post is stupid)
     
  20. Nemo

    Nemo Fantasy-Football Snub Forum Donor

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    Re: Confirmed...Gores is New Owner of Pistons

    The Best picture so far of Tom Gores.

    Head angle was corrected for this photo...




    [​IMG][​IMG]
     

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