Tom Gores will soon assume complete ownership of the Detroit Pistons, Scott Soshnick of Bloomberg News reported Friday.
Gores, who already owns 51 percent of the Pistons, will purchase the remaining 49 percent stake of the team that's currently held by his firm, Platinum Equity.
The transaction has already been approved by the league, although it remains unclear how much Gores will pay for the remaining stake. The most recent franchise evaluations by Forbes pegged the Pistons' value at $810 million.
Gores and his company purchased Palace Sports and Entertainment, the parent company of the Pistons and The Palace of Auburn Hills, for $325 million in 2011.
- With h/t to Pro Basketball Talk
