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Charlie Villanueva: Congrats to Mr. Tom Gores and thank you to David Stern and the @NBA Board for making this possible. New chapter, better days ahead Detroit. Twitter

Detroit Pistons, Charlie Villanueva, David Stern, Tom Gores 

Vincent Ellis: Source just told me no decision on Q until Tom Gores takes over. #Pistons. Twitter

Detroit Pistons, Coaching, John Kuester, Tom Gores 

With the current Pistons faltering and feuding infamously on the court and in the locker room juxtaposed vividly with the glories of the past, and details about any progress of the sale still spare after months of talks between bidders, the fans took out their frustrations on Davidson. They booed the woman who inherited the team when her husband died. "I thought it was just fine," an upbeat Davidson said Wednesday during the first round of interviews she has given since deciding to sell the team. "As one of my friends said to me, the word fan comes from fanatic and I like passion like that. "I did not take it personally." Detroit News

Detroit Pistons, Karen Davidson, Tom Gores 

Looking back at the process, Davidson said her sole disappointment is that she could not sell the team quicker. "One always wishes it could have sold sooner," she said, recalling that she announced in the spring of 2010 she hoped to have it sold by the start of the 2010-11 season in October. "That's naivete. It's like selling a house, or something. It's always a much bigger deal than you think." Detroit News

Detroit Pistons, Karen Davidson, Tom Gores 

Current Detroit Pistons owner Karen Davidson says she'll retain part ownership of the NBA franchise, its arena and Palace Sports & Entertainment after the sale to Beverly Hills, Calif., billionaire Tom Gores is complete. The Detroit News and Detroit Free Press report Wednesday that Davidson won't say how big a minority stake she'll keep or if stepson Ethan Davidson will keep a piece, too. The Associated Press left messages Wednesday seeking comment from lawyers involved in the deal. ESPN.com

Detroit Pistons, Karen Davidson, Tom Gores 

Detroit Pistons majority owner Karen Davidson and her advisers are optimistic that they can finalize the sale of the NBA franchise to Los Angeles billionaire Tom Gores in the next two weeks, attorneys for Davidson said today. “We’re shooting for the end of May,” Adam Klein, who heads the sports business practice of Chicago law firm Katten Muchin Rosenman, told the Free Press in a telephone interview. “Could it slip into June? Sure, it can,” he added. “But we’re well on our way.” Detroit Free Press

Detroit Pistons, Karen Davidson, Tom Gores 

While not revealing the specific ownership split — nor the size of a small stake Davidson is expected to retain — Klein said it is “safe to assume” that Gores “will put in a majority.” Davidson indicated 16 months ago that she would be selling the team, along with the Palace of Auburn Hills and DTE Energy Music Theatre. “Mrs. Davidson decided that since she is not a business person, it would be best for the organization and for the (Davidson family) trust for a strong and successful business person took over, and that’s what Tom Gores is,” Labe said. Detroit Free Press

Detroit Pistons, Karen Davidson, Tom Gores 

The Detroit Pistons have been losing money and have been borrowing cash to meet operating expenses — debt that will be assumed by new owner Tom Gores, sources familiar with the situation told Crain's. Crain's

Detroit Pistons, Tom Gores 

Additionally, New York-based Citi Private Bank Sports Finance and Advisory was selected last year by current Pistons owner Karen Davidson to broker a sale of the franchise in part because it was willing to subsidize the team's operations. "We were looking to see if the investment banker would finance the operation of the team," Joseph Aviv, co-managing partner of Bloomfield Hills-based Honigman Miller Schwartz and Cohn LLP, told the trade publication Michigan Lawyer's Weekly this month. He was part of the Honigman team retained by the estate of the William Davidson, who bequeathed the team to wife Karen Davidson after his March 2009 death. Crain's

Detroit Pistons, Karen Davidson, Tom Gores 

Karen Davidson owns 76 percent of the Pistons. The remaining 24 percent was split among several people, who agreed to sell their shares when Davidson sold the majority. A source familiar with the situation said Davidson will retain an equity stake in the team and Palace Sports & Entertainment Inc. That stake will decrease as Gores, whose made his money via turnarounds, continues to pay for his increasing share of the franchise. Palace Sports is the umbrella corporation for the Pistons, The Palace of Auburn Hills and DTE Energy Music Theatre and holder of the contract to manage Meadow Brook Music Festival for Oakland University. Palace Sports was said to earn about $70 million annually in revenue. The venues collectively host 300 events for 3.5 million people annually. Gores, 46, owns Los Angeles-based Platinum Equity LLC. A source familiar with the situation said Gores is paying for much of the transaction with his own money. Crain's

Detroit Pistons, Karen Davidson, Tom Gores 

Chris Mannix: Stern: Interviewed Tom Gores yesterday. Closing scheduled for no later than June 30th but assured deal will be done by end of May. Twitter

Detroit Pistons, Tom Gores 

Financier Tom Gores, not his company, is writing the "big check" out of his own pocket to buy the Detroit Pistons, a source familiar with the sale said today. A blogger at Fortune.com wrote Wednesday morning that the deal is a majority sale to Gores' Beverly Hills, Calif.-based private equity firm, Platinum Equity LCC, which would have made the Pistons the first franchise to be owned by a private equity firm instead of a person. Crain's

Detroit Pistons, Tom Gores 

The reality, the source said, is that Gores himself is buying the Pistons from Karen Davidson and a group of minority owners in a deal expected to close by June 30. "This is a sale of the team to Tom Gores with Platinum investing some of its money," Crain's was told. "The capital structure will include a minority investment from one of the Platinum funds as well as financing from Comerica Bank, but Tom is putting up the majority of the capital and will be the owner of the team." Crain's

Detroit Pistons, Tom Gores 

Presumptive Pistons owner Tom Gores will be in New York today for the NBA owners meetings that will end Friday. Today's meeting is tentatively scheduled for 12:30 p.m. at the St. Regis Hotel, but the agenda is expected to be dominated by the potential move of the Kings from Sacramento to Anaheim, Calif. The Board of Governors isn't expected to vote on Gores' acquisition of the Pistons. A report on Fortune's Web site Wednesday said that Gores' firm, Platinum Equity, was the primary buyer -- with Gores having a smaller stake. Detroit Free Press

Detroit Pistons, Tom Gores 

Unfortunately for Brooks Patterson, Gores isn't really going to be the next Detroit Pistons owner. Go back to the press release, which was titled "Karen Davidson and Tom Gores Reach Agreement on Sale of Detroit Pistons." At the end of the first paragraph, you'll notice that the sale actually is to "Tom Gores and his investment firm, Platinum Equity." CNN.com

Detroit Pistons, Tom Gores, Planitum Equity 

That's right: The Detroit Pistons are about to become the first NBA franchise to be owned by a private equity fund. Not by flesh-and-blood individuals who made their fortunes in private equity (like the Boston Celtics or Golden State Warriors), but by a $2.75 billion financial vehicle. What that means is that this the Pistons are about to become an investment, not a labor of love. Something bought for the purpose of later being sold, not to keep in the Michigan-loving family for generations. CNN.com

Detroit Pistons, Tom Gores, Planitum Equity 

The NBA is obviously aware of this reality – my understanding is that Platinum has fully explained to league officials how PE funds operate – and apparently is okay with it. Yes, it's true that Gores will invest personal money into the deal. But it's also true that Gores invests personal money alongside all Platinum Equity deals, by virtue of its partnership agreement. Don't recall any "hometown hero" stories when Platinum acquired fastening systems manufacturer Acument Global Technologies, which happens to be headquartered in Sterling Heights, Michigan. CNN.com

Detroit Pistons, Tom Gores, Planitum Equity 

Gores said expect a more measured approach. "We're going to learn first," Gores said from a Palace suite. "We're not in decision-making mode. "Are we afraid of change? Absolutely not; we're ready for change. Sometimes you need change, but we're going to learn right now, and there's a great, deep organization here that came before us, and we need to make the most out of that. Are we afraid of change? Absolutely not; we're ready for change. Detroit Free Press

Detroit Pistons, Tom Gores 

Mary Schmitt Boyer: New Pistons owner Tom Gores having tons of fun singing along to Journey during timeout. He's a fan of the fist pump when being filmed. Twitter

Detroit Pistons, Tom Gores 

A source familiar with the situation said that Davidson will retain an equity stake in the team and Palace Sports & Entertainment Inc. That stake will decrease as Gores, a Los Angeles private-equity billionaire who focuses on turnarounds, continues to pay for his increasing share of the franchise. What will be difficult, without a copy of the sale agreement, is figuring out what is apportioned in the sale price to the team and to the venues. There also is value in lesser-known aspects of the assets, such as the full TV studios inside The Palace of Auburn Hills. Crain's

Detroit Pistons, Karen Davidson, Tom Gores