Wiggles Confirmed - Gores is New Owner of Pistons

On paper and in a court room you might be right but his head-tilt is now "the face" of Piston ownership. If folks don't like what's goin on they're not gonna blame "Platinum Equity". They're gonna egg Tom's car and throw mustard on one of his five-button polos.

Platinum Equity is a privately owned company founded by Tom Gores. The firm has partners and principles. Granted that the team will be owned by the company. But I would be very surprised if Gores doesn't have a controlling interest in the company itself. This means that he can do whatever he wants. The fate of the team isn't going to be decided in a board meeting.

Besides, look at the bigger picture. PE plays with real money. The Pistons organization is really peanuts compared to the stuff that they do to make money. Their latest acquisition was American Commercial Lines for $777 million. According to this site, since 1995 PE has completed over 100 acquisitions with more than $27.5 billion in aggregate annual revenue. Read that again, REVENUE and not the actual value.

Compared to the real business those guys are doing, this Pistons deal is really nothing but a "cute" acquisition.

Regardless of what the name is on the paper, this is going to be Gores' hobby. So, relax guys.

Why didn't he just buy it personally?

I don't know. Nobody knows. He certainly has the money apparently. Maybe it's a tax thing. Maybe PE can use this as a write-off or something. Who knows.

GD-it, I knew you would say that. Tax write-off means "loss coverage", means no profit, means lose money, means team sucks.
We need to fix this now.

or could mean he plans to spend allot of money and this way he can right it off against the profit of the rest of his companies...

Guys lets not assume the end of the world till we actually have some actual facts to base things on.

Actually, a willingness to run the organisation at a loss would probably translate to Gores/PE spending extra money on the players, team & facilities - which can only be a good thing in my mind.

Gotta agree with you, but, there will be no fun on media at all.

Gotta believe that the shareholders want the Larry O'Brien Trophy versus just some profit dollars. I guess they're no better than most players...

If that's the case, I gotta believe that PE has a strategy for getting the Pistons back to the point where they were one of the most profitable teams in the league. At that point in time, they also happened to be one of the most successful teams in the league from a win/loss standpoint.

Tom Gores, not private equity fund, will own Pistons | Detroit Free Press | freep.com

The Free Press starts out by stating, "Here are the facts".

One has to figure then that Gores is the principal owner, with PI and Comerica having a small investment. Most teams actually have this type of set up...

OK thanks guys, I thought I was going to need to confront Tom about using the Pistons as a loss-leader for PI.
We got a price yet ?

There are no shareholders. PE is a privately owned company.

This is the key point:

So, even though PE has partners, Gores has a controlling interest, which means he listens to everybody's opinions and then does whatever he wants.

Anyways, it's all moot at this point I guess.

Don't think I don't notice everyone trying to take shots at Tommy Gores.

I also think TaShawn's avatar is disrespectful and blasphemous towards our new owner.

That is all.

Solid Gold!