Detroit Pistons Sold To Billionaire Tom Gores

Billionaire Tom Gores has reached an agreement with the Detroit Pistons to purchase the NBA franchise.

The deal between Gores and team owner Karen Davidson also includes The Palace of Auburn Hills and DTE Energy Music Theatre.

"We are pleased to welcome Tom Gores as the new owner of the Detroit Pistons and Palace Sports and Entertainment," Davidson said in a statement. "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."

Gores is acting chairman and CEO of the California-based Platinum Equity firm. According to Forbes list of 2011 billionaires, he is worth an estimated $2.4 billion.

The value of the agreement was not released.

The Pistons are scheduled to play the Milwaukee Bucks tonight at 7:30 p.m.