Billionaire investor Tom Gores and his investment firm, Platinum Equity, have announced a "definitive agreement" to purchase the Detroit Pistons and Palace Sports and Entertainment from current owner Karen Davidson. The purchase includes the NBA team, The Palace of Auburn Hills, DTE Energy Music Theatre and the operating rights to Meadow Brook Music Festival. Terms of the agreement were not announced. The sale is subject to review and approval by the NBA's Board of Governors, which has a meeting scheduled for late next week. Read more: http://detnews.com/article/20110408/SPORTS0102/104080427/1127/rss13
