Pistons in talks with Calif investor on purchasePosted by Inside Hoops
The AP reports:
The owner of the Detroit Pistons on Friday confirmed she is in negotiations with a California billionaire interested in buying the struggling NBA franchise.
Michael Layne, a spokesman for owner Karen Davidson, confirmed the two-week “exclusivity” window and that the owner was working with investor Tom Gores.
“The parties are continuing to work in a cooperative manner,” Layne said.
It was a rare public statement from Davidson, who has stayed mostly silent about the potential sale. About three hours later, a spokesman for Gores also broke his silence on the matter.
“We look forward to continued discussions with Karen Davidson and her team,” said Mark Barnhill, a principal at Platinum Equity, the investment group founded by Gores in 1995. “We are making progress, and both sides are working hard in hopes of reaching an agreement.”
Barnhill said reports that a deal was in place were “incorrect.”