Tom Gores Rumors
One of the best properties in all of Los Angeles just sold … for a cool $100 mil, TMZ has learned. Detroit Pistons’ owner Tom Gores snagged the Holmby Hills estate Thursday. The place is spectacular … 30,000 square feet, 10 bedrooms, 20 bathrooms, a 10 car garage, ridiculous pools, including an indoor waterfall that drops into a lap pool, beauty salon, wine room, massage room, movie theater … and on and on. The master suite alone is 5,300 square feet!
A reshuffling is underway among the leadership group at Palace Sports & Entertainment, the organizational entity over the Detroit Pistons. Vice chairman Arn Tellem and Bob Wentworth, a key figure of the ownership group, will now oversee business operations, while PS&E president and CEO Dennis Mannion will move into a new role, a person with firsthand knowledge of the process told the Free Press on Saturday. Pistons vice president of public relations Kevin Grigg confirmed the news but declined further comment.
When rumors of the Pistons moving have bubbled to the surface in the past, Platinum Equity spokesman Mark Barnhill has said three criteria must be met to even consider such a move: The Pistons must be an equal partner in the new arena, not just a tenant. The Pistons want to get a return on the substantial improvements made to the Palace of Auburn Hills since Gores bought the team. The Pistons have to ensure that the move doesn’t negatively impact season-ticket holders and sponsors.
Joining Drummond at the Jalen Rose-hosted charity golf outing Monday from the Pistons was new assistant general manager Pat Garrity, team ambassador Earl Cureton and play-by-play voice Mark Champion. The sixth-annual event, sponsored by Pistons owner Tom Gores’ Platinum Equity, raised more than $100,000 for the Jalen Rose Leadership Academy, a tuition-free public charter high school in Detroit.
It will be interesting to see how the Pistons handle the situation. The team is already projected to be over the cap for the 2017-18 season, and a Caldwell-Pope extension would almost assuredly put the Pistons into luxury tax territory. But owner Tom Gores told the Free Press recently he has no qualms about being a taxpayer. “Look, if we weren’t building a core, there’s really no point in paying the luxury tax,” Gores said. “Because we are building a core, would I do it? Yeah, absolutely. So you say go into the luxury tax for nothing, then that would be silly because then we’re putting the franchise behind. But given that we have such a good core, if that’s what it took, and we feel we’ve made such progress this year, I wouldn’t hesitate to do it because we want to keep getting better.”