Reality TV World People News   Ratings News   Scheduling News   Application News   Spoiler News
Show Updates   Features & Interviews   Image Gallery   Message Boards   Shows Listing


Deal maker likely to be new Pistons owner

UPI News Service, 03/24/2011 

The potential buyer of the Detroit Pistons professional basketball team is a California deal maker worth about $2.4 billion, officials in Michigan said.

Tom Gores worked his way through Michigan State University, and his net worth has comfortably positioned him in the top half of the world's 1,210 billionaires, The Detroit News reported Thursday.

His firm, California-based Platinum Equity, works with troubled companies to turn their businesses around and its success record is impressive.

"Platinum is the most competent, best private equity firm I've ever seen," said Paul Brown, vice president of capital markets for the Michigan Economic Development Corp.

Brown said Platinum helped Michigan save the Four Winns boat manufacturing business in Cadillac after its owner declared bankruptcy.

"Platinum absolutely saved the company and the jobs in Michigan," Brown said. "I believe he would be a great owner for the Pistons and Detroit and Michigan."

Karen Davidson owns the Pistons. Forbes magazine has estimated the value of the NBA team at $360 million.

Reality TV World now offers Facebook Comments on our stories. To post a comment, log into Facebook and then 'Add' your comment. To report spam or abuse, click the 'X' in the upper right corner of the comment box.

Get more Reality TV World! Follow us on Twitter, like us on Facebook or add our RSS feed.

Copyright 2011 United Press International, Inc. (UPI). Any repr

Take Our User Survey

Page generated Wed Jun 29, 2016 19:43 pm in 0.96776103973389 seconds

About Reality TV World   •   Advertise on Reality TV World  •   Contact Reality TV World  •   Privacy Policy   •   RSS Feed

Page fetched in 0.98636388778687 seconds