Tom Gores taking sole ownership of Pistons

Platinum Equity founder and Pistons owner Tom Gores is buying his firm’s stake in the NBA team, giving him 100 percent of the franchise, according to a person with direct knowledge of the planned transaction.

Gores, personally, has held a 51 percent stake in the club since 2011. It isn’t known how much he’s paying for Platinum’s 49 percent stake. NBA owners have approved the transaction.