Tom Gores

Tom Gores isn’t buying Pistons, his equity firm is

1 Comment

Piston fans, there is just never going to be another owner like Bill Davidson.

The storybook ending of a drawn-out, sloppy sale of the team after his death is that Michigan-raised billionaire Tom Gores bought the Pistons and that things will now start back on the path to the glory days.

Except, it’s not really that way. The people at Forbes are here to burst your bubble (via Ball Don’t Lie): Gores isn’t buying the team, his equity fund is.

That’s right: The Detroit Pistons are about to become the first NBA franchise to be owned by a private equity fund. Not by flesh-and-blood individuals who made their fortunes in private equity (like the Boston Celtics or Golden State Warriors), but by a $2.75 billion financial vehicle. What that means is that this the Pistons are about to become an investment, not a labor of love. Something bought for the purpose of later being sold, not to keep in the Michigan-loving family for generations.

The NBA is obviously aware of this reality – my understanding is that Platinum has fully explained to league officials how PE funds operate – and apparently is okay with it.

Yes, it’s true that Gores will invest personal money into the deal. But it’s also true that Gores invests personal money alongside all Platinum Equity deals, by virtue of its partnership agreement. Don’t recall any “hometown hero” stories when Platinum acquired fastening systems manufacturer Acument Global Technologies, which happens to be headquartered in Sterling Heights, Michigan.

Gores may well still hold a candle for Bob Lanier, but his primary motivation (and fiduciary duty) today is to turn a profit. If that can be done by maximizing other assets acquired in the transaction — including the Auburn Hills arena, an outdoor concert venue and a music festival — while using the ball-club as a loss leader, then that may be what happens. Or perhaps Platinum is counting on a favorable reworking of the players’ collective bargaining agreement, to move the NBA closer to the NFL’s parity-producing model.

The good news for Pistons fans is this: Winning helps turn profits. If the goal is to make money, then Gores and firm have an incentive to find a winning formula. Still, the idea of an equity fund owning the team is a little disturbing, that the team is not seen by its owners as anything more than an asset.

Sadly, the days of a friendly, community-minded hometown owner are fading fast. If not gone completely.

LeBron James talked Justin Bieber out of performing at Donald Trump’s nominating convention

MONTE-CARLO, MONACO - MAY 29: Justin Bieber drinks champagne at the podium during the Monaco Formula One Grand Prix at Circuit de Monaco on May 29, 2016 in Monte-Carlo, Monaco.  (Photo by Lars Baron/Getty Images)
Lars Baron/Getty Images
2 Comments

With the Republican National Convention being held in Cleveland, you knew there was going to be a LeBron James influence.

It apparently kept Justin Bieber away from Donald Trump and Co.

TMZ

Justin Bieber got a $5 million offer to perform at a Republican event during the GOP Convention, but turned it down after his manager considered quitting and LeBron James urged him to reject it … sources tell TMZ.

That’s a lot of money for a single gig. This either speaks to the power of LeBron’s words — or the embellishment of Bieber’s value.

Watch Bulls’ Dwyane Wade press conference live (video)

Leave a comment

Dwyane Wade playing for a team other than the Heat will be strange.

You can get your first glimpse of that weirdness today, when the Bulls introduce Wade at 3 p.m. Eastern.

If the above video doesn’t load, click here to watch the press conference.

Russell Westbrook laughs off Kevin Durant question (video)

Oklahoma City Thunder guard Russell Westbrook, right, gestures after scoring as forward Kevin Durant stands by during the second half of an NBA basketball game, Friday, Jan. 8, 2016, in Los Angeles. The Thunder won 117-113. (AP Photo/Mark J. Terrill)
AP Photo/Mark J. Terrill
7 Comments

How does Russell Westbrook feel about Kevin Durant leaving the Thunder for the Warriors?

Westbrook has been silent on the signing, leaving Durant and anonymous sources to speak on his behalf — and the NBA world hungry for his response.

The first glimpse:

Feel free to read way too much into that laugh.

(hat tip: reddit user esoh)

Phil Jackson: ‘Today’s players simply lack the skills to play the triangle’

New York Knicks president Phil Jackson speaks to reporters during a news conference in Greenburgh, N.Y., Monday, Feb. 8, 2016. Derek Fisher was fired as New York Knicks coach Monday, with his team having lost five straight and nine of 10 to fall well back in the Eastern Conference playoff race. (AP Photo/Seth Wenig)
AP Photo/Seth Wenig
6 Comments

See whether you can follow this timeline:

1. Knicks president Phil Jackson stated his commitment to the triangle offense entering the 2015-16 season.

2. Jackson in a December interview published today, via Charley Rosen of Today’s Fastbreak:

Today’s players simply lack the skills to play the triangle. They know how to play one-on-one, catch-and-shoot, and they’ve mastered crossover dribbles, spins, playing off of screens and step-back shots. They don’t know how to execute things like inside-reverse pivots and other basic footwork. They have no sense of timing or organization. They don’t really know how to play five-on-five basketball. It’s strictly generational.

That’s why Fish {Derek Fisher} wants to uptempo the offense. And why he spends a half-hour before practice doing lots of skills work.

3. Jackson fires coach Derek Fisher, who — according to interim coach Kurt Rambis — resisted the triangle.

4. Jackson said the Knicks would continue to run the triangle and even ran a triangle camp for New York players.

5. Jackson hired Jeff Hornacek, who has little triangle experience, and said the new coach wouldn’t have to run the triangle.

¯_(ツ)_/¯

Maybe Jackson, relying on his December thoughts, finally changed his mind about the triangle. Maybe he believes players can still be taught triangle skills and actually plans to have Hornacek use the system.

Or maybe the Knicks are just rudderless.