Tom Gores paid $325 million for both the Pistons AND Palace Sports

[BShea]

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‘Shocking' bargain: Gores pays $325M for Pistons

By Bill Shea
Tom Gores made his billions by identifying companies he could buy cheaply, fix and spin off for a tidy profit.

Insiders say he used his acumen at spotting a good deal to get the Detroit Pistons and Palace Sports & Entertainment Inc. for a price far below what they expected: $325 million.

That's for both the National Basketball Association franchise and the umbrella management company. The sale price from the deal, which closed Wednesday, was confirmed by a source with direct knowledge of the deal.

One insider familiar with pro sports franchise sales, who spoke on the condition of anonymity, was flabbergasted at what Gores paid to assume majority ownership from Karen Davidson.

"That is a shocking price," he said. "If he got the team and the real estate [[for $325 million), are you kidding me? They ripped her face off."

[BShea]

If you have questions about the Pistons sale and/or Tom Gores, I'll answer them today during a live chat at crainsdetroit.com/livechat at 2 p.m. today [[June 8). It's free and you don't have to sign up for anything. It's very easy and painless. I'll be answering questions about the business side of the transaction, and Gores himself, rather than personnel moves.