Pistons owner misses out on historic bid for MLB team, per report
Source: M Live
Tom Gores’ attempt at expanding his ownership portfolio to baseball didn’t go his way.
The owner of the Detroit Pistons was reportedly among the bidders for the MLB’s San Diego Padres in what was projected to be an historic sale. But according to recent reports from The Wall Street Journal and ESPN, the franchise is being sold to Jose E. Feliciano, co-owner of Chelsea Football Club, and his wife, Kwanza Jones, for a record price of $3.9 billion.
The previous record sale price for an MLB club was set by the New York Mets in 2020, when it was sold to Steve Cohen for $2.4 billion.
The sale can be finalized following approval from Major League Baseball’s other owners, who must vote 75% in favor to pass. The family of late owner Peter Seidler opted to put the Padres up for sale late last year, about two years removed from Seidler’s death and ends a 14-year tenure of ownership.
Feliciano beat out reported bids from Gores, Dan Friedkin — owner of Premier League soccer club Everton — and Golden State Warriors owner Joe Lacob.
Gores — a Flint native and Michigan State alumnus — and his private equity firm, Platinum Equity, bought the Pistons in 2011 for $325 million and in 2015 Gores became the sole owner of the franchise. According to Forbes, the Pistons are now worth an estimated $3.65 billion.
Gores’ net worth totals $10.1 billion according to Forbes.com and he’s continued to diversify the leagues he has a stake in. In 2024, Gores acquired a 27% stakes in the NFL’s Los Angeles Chargers and he leads the ownership group for the WNBA team in Detroit set to begin competing in 2029 with his wife, Holly.
The Pistons on the court are in as strong of a position as they’ve been since Gores purchased the team. Following a fallow period for the franchise, Detroit is entering the playoffs for the second straight season with a young and exciting team that finished the third-ever 60-win regular season by a Pistons team.
With the possibility to make some noise this season and be a playoff contender for years to come, the Pistons may be on the verge of another boom period.
