Stern says Pistons sale approved
By Sports Network
MIAMI - Commissioner David Stern said Tuesday that the sale of the Detroit Pistons to a group led by global investor Tom Gores has been approved by the NBA Board of Governors.
Speaking before Game 1 of the NBA Finals between the Miami Heat and Dallas Mavericks, Stern said the league expects the deal will 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 very anxious to get going," said Stern.
Gores is chairman and chief executive of Platinum Equity and a Michigan State alum. He reached a definitive agreement in April to acquire Palace Sports and Entertainment and the Pistons Basketball Company from owner Karen Davidson.
Davidson's late husband, Bill Davidson, died in March of 2009. He became the Pistons' majority owner in 1974.