Tom Gores is now finally, officially, the owner of the Detroit Pistons.
The terms of the sale had been in place a couple months but details still had to be finalized. They have been now. David Stern announced before Game 1 of the NBA finals the sale of the franchise to Gores and his equity firm had been approved by the Board of Governors (the other owners).
“We are delighted that the NBA’s Board of Governors approved Tom Gores’ purchase of majority ownership of the Pistons,” said NBA Commissioner David Stern. “We look forward to the Pistons’ continued growth, both on and off the court, under his leadership.”
The rest of us look forward to something now happening regarding coach John Kuester.
Gores was born in Israel, was raised in Flint, Michigan, went to Michigan State, and started out selling computers in the state. He eventually moved to California where he founded Platinum Equity, which is a power in the leveraged buyout business. At age 46, he is worth an estimated $2.4 billion.
It is Gores and Platinum Equity that purchased the team as well as the Palace of Auburn Hills and DTE Energy Music Theatre. The team had been owned by Karen Davidson, who took control when her husband Bill died in 2009 and she had been trying to sell the team since then. The price is estimated to be more than $400 million.
Report: Lakers working toward buyout with Jose Calderon; Warriors, Rockets interested
The Lakers took on the salary of Jose Calderon this year so they could get a couple second-round picks from the Bulls (Chicago got him from New York in the Derrick Rose trade), but even with the previous regime in Los Angeles the aging point guard was never part of the future.
Sources told ESPN that it’s not yet a certainty Calderon will secure his release from the Lakers in the coming days, but the sides are indeed discussing the options as Wednesday’s playoff eligibility deadline nears….
Sources say that Calderon, if he winds up hitting the open market, would instantly become a target for both the Golden State Warriors and the Houston Rockets.
Cleveland may also have interest if their plan to land Deron Williams when he is bought out by Dallas goes awry.
Calderon, 35, was not part of the Lakers’ regular rotation, playing in just 24 games. He can still knock down a shot if he has space and can set his feet, and he still has a high hoops IQ and can see the floor, but his athleticism has faded, and that can leave him exposed. Particularly on defense.
Players are being waived now so they clear in time for teams to sign them by March 1, after that said players are not eligible for playoff rosters.
There are better players to hit the waiver wire in the coming days — D-Will, Andrew Bogut, Matt Barnes — but Calderon is going to land somewhere. He’d be a solid third point guard and veteran presence for a playoff run.
Marquese Chriss blocks Bobby Portis, who gets testy (video)
The time off during the All-Star break did Dwyane Wade some good.
The Bulls guard turned back the clock on Friday night, leading the Bulls with 23 points and topping it off with this dunk that proved to be the dagger, sealing a Chicago win. The Suns were convinced Wade was going to run the shot clock way down before making his move and they lollygagged into position — so he just blew past everyone for the poster slam.
With a couple of minutes left to go in the second quarter, Isaiah Thomas made the steal when DeMar DeRozan lost the ball on a drive, and Thomas was off to the races. Trying to prevent a lay-up, Carroll decided to foul Thomas far from the basket, but did so with a forearm shove that sent Thomas sprawling on the ground.