Platinum Equity founder and Pistons owner Tom Gores is buying his firm’s stake in the NBA 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.
Pistons spokesman Kevin Grigg didn’t immediately comment. Platinum Equity spokesman Dan Whelan didn’t immediately return an email seeking comment.
The Pistons are worth $810 million, according to Forbes magazine. Gores also bought the team’s arena, The Palace of Auburn Hills.
Gores is a Flint native and Michigan State University graduate. Beverly Hills, California-based Platinum owns companies in a range of industries, including technology, industrials and automotive supply.