AUBURN HILLS, Mich. (AP) — The owner of the Detroit Pistons has agreed to two more weeks of exclusive negotiating with a California billionaire interested in buying the NBA franchise.
Michael Layne, a spokesman for owner Karen Davidson, confirmed the “exclusivity” window Friday and that the owner was working with investor Tom Gores.
Davidson, widow of longtime owner Bill Davidson, is considering a sale of the Pistons by itself or as part of a package with Palace Sports and Entertainment, which includes The Palace of Auburn Hills, DTE Energy Music Theatre and Meadow Brook Music Festival. Any sale needs NBA approval.
The 46-year-old Gores is from Michigan and has a degree from Michigan State but now lives in Beverly Hills, Calif. He founded Platinum Equity in 1995 and Forbes last year estimated his net worth at $2.4 billion.
