Category: Detroit Pistons Blog

Palace Sports and Entertainment (PS&E) and Detroit Pistons Basketball Company (DPBC) owner Karen Davidson today announced a definitive agreement to sell PS&E, DPBC, and their respective assets – including the NBA’s Detroit Pistons, The Palace of Auburn Hills, DTE Energy Music Theatre and the operating rights to Meadow Brook Music Festival – to financier Tom Gores and his investment firm, Platinum Equity.

Terms of the agreement, which is still subject to review and approval by the NBA’s Board of Governors, were not disclosed.

“We are pleased to welcome Tom Gores as the new owner of the Detroit Pistons and Palace Sports and Entertainment,” said Karen Davidson. “Just as my late husband, Bill Davidson, was the face of the Pistons, I am confident that Tom will bring the same energy, dedication and love to this organization. I look forward to seeing Tom follow in Bill’s footsteps, and carry on his legacy.”

“From the Pistons players, coaches and front office, who helped bring home three world championships, to the management and staff at the Palace, DTE and Meadow Brook, who earned us international recognition, we look forward to facilitating a smooth transition under Tom and achieving even greater success in the future.”

Mr. Gores is the Chairman and CEO of Platinum Equity, a global investment firm whose holdings include 34 portfolio companies in such diverse business sectors as technology, media and entertainment, industrials, metals processing, automotive supply, and distribution and logistics.

The firm specializes in navigating complex business environments, and Mr. Gores said he sees great potential for revitalizing PS&E and the Pistons franchise.

“I am very proud to have this opportunity to be part of such a tremendous organization,” Mr. Gores said. “I know it’s been a long process and I appreciate the patience and support of the Detroit community. I have been impressed with the Davidson family and the way it has protected and built such a storied franchise. I grew up here, I am glad to be back, and I am very excited about all the possibilities looking forward.”

Comerica Bank, a longtime financing partner of Platinum Equity, will provide financing on the transaction. The transaction is expected to close by June 30, pending league approval and normal closing conditions.

Citi Private Bank’s Sports Advisory group acted as sell-side advisor on the transaction.

Outside of these statements, all parties have agreed to continue to abide by the terms of their confidentiality agreement pending final close of the transaction.

The following statement was released this afternoon by Detroit Pistons President of Basketball Operations Joe Dumars.

“First of all, John Kuester has my full support as we try to make a push towards the postseason over these last 21 games.  We’ve had a long and proud history of being a first class organization that handles its business the right way.  We expect everyone that represents the Detroit Pistons to do so in a first class manner and that will continue as we move forward.”

Vince Ellis of the Detroit Free Press reports:

In what team sources termed some type of player protest, Tracy McGrady, Tayshaun Prince, Richard Hamilton and Chris Wilcox were missing from this morning’s shootaround before tonight’s game against the Philadelphia 76ers.

Team spokesman Cletus Lewis said Rodney Stuckey and Austin Daye missed the team bus as well, but they did arrive toward the end of the media session.

Lewis said McGrady had a headache, Prince had an upset stomach and Hamilton and Wilcox missed the bus from the team hotel.

Ben Wallace also missed the shootaround. Lewis said Wallace was dealing with a family matter. Wallace has missed games and practices over the past month because of the issue.

Only Greg Monroe, Will Bynum, Ben Gordon, Charlie Villanueva, Jason Maxiell and DaJuan Summers were full participants in the morning shootaround.

Sources indicated that the discontent is directed at Pistons coach John Kuester, who has clashed with players repeatedly this season. The organization downplayed the absences, insisting Prince and McGrady were ill.

The Detroit Free Press reports:

Detroit Pistons president Joe Dumars confirmed today what Tayshaun Prince told the media Monday night; he isn’t going to get traded by Thursday’s NBA deadline.

“I ain’t going nowhere so what difference does it make?” the veteran forward said. “I’m not getting traded. How do I know? Because I know.

“I’ve been here all nine years, through the good times and the bad. Never once have I walked in and said I needed to go or anything like that. I’ve stuck through it.”

Prince’s contract is up at the end of the season, and Dumars said he’d like to re-sign him because of his versatility and leadership.

By Jeff Lenchiner

Dennis Rodman will forever be known as one of the greatest rebounders and defenders in the history of basketball, and the Detroit Pistons have decided to honor his legacy. Here’s the info:

The Detroit Pistons announced today that the club will retire Dennis Rodman’s #10 jersey during a halftime ceremony on April 1, 2011 when the Pistons host the Chicago Bulls at The Palace of Auburn Hills.

“I’m pleased that we are honoring Dennis for his accomplishments as a player and his contributions to the success of the organization,” said Joe Dumars, President of Basketball Operations for the Pistons.  “His jersey retirement is well deserved.”

Drafted 27th overall by the Pistons in the 1986 NBA Draft, Rodman was a key member of the Pistons ‘Bad Boys’ teams that led the franchise to back-to-back championships in 1989 and 1990.  An elite defender and rebounder, he averaged 8.8 points, 11.5 rebounds, and 1.3 assists while shooting 54 percent from the field in 549 games as a Piston.  Rodman led Detroit in rebounding four consecutive seasons (1989-1993) and was the league’s top rebounder from 1991-93 when he averaged 18.7 and 18.3 rebounds per game, respectively.  He was a two-time NBA All-Star while playing for Detroit (1990, 1992) and was named to the All-NBA Third Team following the 1991-92 season.  Rodman was named the NBA’s Defensive Player of the Year in 1990 and 1991 and was also named to the NBA All-Defensive first team for five consecutive seasons (1989-93).

“Individual accomplishments have never been a big deal for me as a player, but to be honored for my contributions in this way by the Detroit Pistons organization is truly humbling,” Rodman said in a statement issued through his manager, Steven Simon of Prince Marketing Group.  “This organization gave me a chance to blossom regardless of my size or what school I came from.  My only regret is that the man that believed in me more than I did myself, Chuck Daly, is no longer with us. I’m sure he’ll be with us that evening in his own way.”

The 6-7, 210-pound forward, nicknamed “The Worm” during his playing days, ranks fourth among all-time franchise leaders in total rebounds (6,299) and still holds team records for most rebounds in a game [34, vs. Indiana (3/4/92)], most offensive rebounds in a game [18, vs. Indiana (3/4/92)], most defensive rebounds in a game [22, at Sacramento (3/14/92)] and most games with 25-plus rebounds (15).  He also recorded 30 or more rebounds three times and holds the team record for highest field goal percentage in one season at 59.5 percent (1988-89).

Rodman was traded to the San Antonio Spurs on October 1, 1993 and also played with the Chicago Bulls, Los Angeles Lakers and Dallas Mavericks.  He played a key role in the Bulls’ three consecutive championships from 1996-1998 and holds the NBA records for most consecutive seasons leading the league in rebounds [7, (1991-97)] and most seasons leading the league in defensive rebounds [3, (91-92, 93-94, 97-98)].  Rodman picked up two more NBA All-Defensive First Team honors after leaving Detroit (1995, 1996), a NBA Second-Team All-Defensive honor in 1994 and an All-NBA Third Team honor in 1995.  Overall, he played in 911 career NBA games averaging 7.3 points, 13.1 rebounds, 1.8 assists and 31.7 minutes per game.

“We are excited to welcome Dennis Rodman back to The Palace and honor him with his jersey retirement,” said Alan Ostfield, President and Chief Executive Officer of the Pistons and Palace Sports and Entertainment.  “We look forward to hosting an exciting evening for Dennis as well as our fans.”