Tom Gores Rumors
Tellem, whose hiring by Gores was announced in June, will be living in a condominium in Birmingham. He expects to acquire an ownership stake in the Pistons later this year, now that Gores has consolidated ownership of the team by recently acquiring his Platinum Equity Group’s 49% share. “That was part of the plan when I came in,” Tellem said. “My hope is now that by the end of the year, we’re going to hopefully have a piece of the action. Tom’s desire is to have this team long-term for him and his family and to really accomplish a lot here — not only winning basketball games, but to make a difference in the community here.”
Platinum Equity founder and Detroit Pistons owner Tom Gores is buying his firm’s stake in the National Basketball Association team, giving him 100 percent of the franchise, according to a person with direct knowledge of the planned transaction.
Gores, personally, has held a 51 percent stake in the club since 2011. It isn’t known how much he’s paying for Platinum’s 49 percent stake. NBA owners have approved the transaction, said the person, who requested anonymity because the move hasn’t been announced.
“I needed a challenge,” Tellem said Sunday afternoon. “I needed a personal challenge. And I need to live with a purpose in my life. To me, this gave me a greater purpose.” And so Tellem, after weeks of anguish and thought — “I’m an emotional basket case right now,” he said — pulled the trigger last week, and accepted Pistons’ owner Tom Gores’ offer to become Vice Chairman of Palace Sports and Entertainment.
Tellem will be charged with big picture issues – negotiating future TV contracts, assisting PS&E and Pistons owner Tom Gores in exploring ways to grow business interests in the area and other responsibilities. But Tellem brings more than 30 years of contacts in the NBA and Van Gundy can see a scenario where a former client calls Tellem to get an opinion on the Pistons organization. And Van Gundy will take that help. “I would think they’d have great trust in him,” Van Gundy told the Free Press. “It’s certainly an advantage. There’s no question about that.”
“The primary part of his job’s gonna be in doing things for the financial welfare of the organization and expanding business and again, that all comes down to negotiating things, too, whether it’s TV contract or whatever,” Van Gundy said. “I think you’ve got a guy who understands the business of sports – particularly our league – so that has to have great value to us.”
Tellem, 61, will report directly to PS&E and Detroit Pistons owner Tom Gores and will be expected to spearhead Palace business strategies as the ownership group enters its fifth year. “Arn is one of the most accomplished and respected sports executives in the world,” Gores said. “He has great passion, integrity and honesty, and he shares my belief that sports can be a catalyst for change in the community. He is an outstanding addition to our leadership team who will help us make a real difference in Detroit.”