Channel 4 in Detroit is reporting that the Detroit pistons have been sold to billionaire equity investor Tom Gores.Forbes has valued the team at about $360 million dollars, including an entertainment and venue business.
The Pistons have been on the block for nearly a year, with several ownership groups taking an interest.
Tigers and Red Wings owner Mike Ilitch was in talks to by them as well, but reportedly balked at $400m+ asking price after seeing the team’s books.
Gores founded the Los Angeles-based Platinum Equity in 1995, buying distressed companies and flipping them for big profits. His net worth is about $2.4 billion.
Gores was born in Israel, but raised near Flint, Michigan, and attended Michigan State University before relocating to Beverly Hills. His brother Alec, who is also on the Forbes Billionaires list, has reportedly expressed an interest in owning the Los Angeles Dodgers.
NOW WATCH: Briefing videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.