Detroit Pistons majority owner Tom Gores is now the team's sole owner, a partner in Gores' equity firm confirmed today.
Bloomberg News first reported the news.
Gores adds the 49-percent stake held by his equity firm to the 51-percent stake he already personally owned, according to Platinum Equity partner Mark Barnhill.
The minority share was held by an investment fund Gores controlled, so from a management perspective, little changes.
"He's going from 100-percent control to 100-percent control -- no change," Barnhill wrote in a text.
The basis for the move is that Gores now has not only 100-percent control of the franchise, but also its equity.