Pro-sports-teams-sales insider on Karen Davidson getting just $325 million from Tom Gores: “They ripped her face off”
One insider familiar with pro sports franchise sales, who spoke on the condition of anonymity, was flabbergasted at what Gores paid to assume majority ownership from Karen Davidson.
"That is a shocking price," he said. "If he got the team and the real estate (for $325 million), are you kidding me? They ripped her face off."
Shea also sheds light on how some of the minority owners participated in the deal:
Additionally, Ethan Davidson, son of late Pistons owner William Davidson from a previous marriage, said he sold his minority stake to Gores but is in talks with him to buy back a share.
"For me, things pretty much stay the same," he said.
Karen Davidson owned 76 percent of the Pistons and will maintain a single-digit equity stake. The remaining 24 percent was split among several people, who agreed to sell their shares when she sold the majority.
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