Money Matters - Simplified

Tycoon is top contender to buy Pistons

Detroit -- Merger and acquisitions magnate Tom Gores is looking like the most likely buyer of the Detroit Pistons, sources tell The Detroit News.

The newspaper cites "sources close to the situation" who requested anonymity under a confidentiality agreement for the report. The basketball team has been valued at $479 million.

Gores, 46, and his group have twice visited team offices, the only interested group to do so, the report said. He made another visit Wednesday, but has not yet made a bid.

Gores, who owns Platinum Equity, is a Michigan State alumnus who sold software before moving to California to go into business with his brother, Alec. He owns a home in Grosse Ile, Mich. According to Forbes, Gores is worth $2.2 billion, making him the 147th-richest American.

Like the late Pistons owner Bill Davidson, Gores has purchased struggling corporations and made them profitable. He coaches youth soccer and basketball and attends Michigan State football games.

The Detroit News reports three other parties interested in buying the NBA team: George Postolos, former president of the Houston Rockets; a foreign group based in Dubai, and Mike Illitch, owner of the Detroit Red Wings and Tigers.

Copyright 2010 United Press International, Inc. (UPI).

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