By Jeff Moss
DetroitSportsRag@GMail.com
August 21, 2013
This just in to the DSR News Center, the Detroit Pistons might be on the move and Tom Gores might be getting out of dodge.
A source has told the DetroitSportsRag.com that Gores is in “serious negotiations” to sell the team to a group that includes Mike Ilitch’s Olympia Entertainment.
The source is also telling the DSR that Ilitch would not be acting alone in this purchase, and is likely to have other partners involved in his group. We are still attempting to discover the names of the other potential partners.
Also, Ilitch isn’t alone in bidding for the team, according the source. There are two other groups looking to buy the Pistons from Gores. All three groups plan on moving the team from Auburn Hills to Detroit, though.
Gores, of Platinum Equity, bought Detroit’s NBA basketball franchise two summers ago from the widow of Bill Davidson and has been an absentee owner ever since.
The DSR had speculated back in June of 2011 when the Beverly Hills, California resident purchased the team from Karen Davidson that, in all likelihood, Gores’ reign as owner of the organization would be short.
Gores made his billions purchasing companies on the cheap and “flipping” them at a later date for a profit. Now that Ilitch is well on his way to a new state-of-the-art arena near the Fox Theater to house the Red Wings and the NBA has a more owner-friendly Collective Bargaining Agreement, this might be the time for Gores to make his move.
This is a developing story, so check back to the DSR for potential updates.
Also, keep in mind we once reported that Karen Davidson was going to sell the team to David Katzman, so we are not perfect. But our source has been reliable in the very recent past and is confident that the sale negotiations are legit.
[UPDATE at 7:15pm on August 21, 2013]
I received the following email from someone claiming to be Mark Barnhill of Platinum Equity just an hour after posting the original story. Someone is on high alert, as the DirtSpurt isn’t exactly ESPN.com.
I’m Mark Barnhill, one of Tom Gores’ partners at Platinum Equity. I just had someone point me to your blog item on alleged negotiations with Mike Illitch to sell the Pistons. It’s utterly false. Fabricated. Made up out of whole cloth. Please retract, or put your putative source on the record so I can call him a liar to his face.
To be continued ……..