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The deal that seemed to drag out forever is finally getting done. Tom Gores, founder of Bev Hills-based investment firm Platinum Equity - and a native of Flint, Michigan - is becoming an NBA owner, pending approval by the league. As part of the purchase, Gores gets the Palace of Auburn Hills and DTE Energy Music Theatre. Price was not disclosed, though the Detroit Free Press has pegged it at $420 million. Forbes has the team's value dropping this year to $360 million, from $480 million in 2010. (Bloomberg)
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Mark Lacter created the LA Biz Observed blog in 2006. He posted
until the day before his death on Nov. 13, 2013.