Karen Davidson Rumors
Investor Tom Gores is now officially the owner of the Detroit Pistons. The team says the sale was formally completed Wednesday, one day after NBA Commissioner David Stern said the league’s Board of Governors had approved Gores’ purchase of the franchise. Gores takes over following a drawn-out sale by owner Karen Davidson that stretched back before the season.
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.”
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.”
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.
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.”
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.