Tom Gores, a Los Angeles-based financier who grew up in Flint, Michigan, will be the Detroit Pistons’ new owner.
Gores signed a purchase agreement on Friday to acquire the Pistons. The deal still needs approval from the NBA.
Terms of the deal are unknown at this time but the Detroit Free Press reported in February that Gores would buy the team from Karen Davidson for $420 million.
“I am very proud to have this opportunity to be part of such a tremendous organization,” Gores said in a released statement. “I know it’s been a long process, and I appreciate the patience and support of the Detroit community. I have been impressed with the Davidson family and the way it has protected and built such a storied franchise. I grew up here, I am glad to be back, and I am very excited about all the possibilities looking forward.”
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