Tom Gores, a private equity investor from California is said to be negotiating a deal for ownership of the Detroit Pistons, according to The New York Times.

Although there has been no agreement and no price has been set, sources say that the two parties are close to reaching a deal and the Detroit Pistons have extended an exclusive negotiations deal with Gores until the end of February. Gores’ representative declined to comment on the deal, because of the investment firm’s policy of not denying or confirming negotiations before a deal is reached. Gores became the lead bidder last December, when Ilitch Holdings Inc. lowered its original bid from somewhere over $400 million to $360 million, according to The Detroit News.

Although there has been no official announcement about the deal yet, sources told Crain’s Detroit Business, that a deal has been reached, and NBA commissioner has been informed. According to the source, who wished to remain anonymous, “Negotiations are over. There is a deal. It’s for The Palace, the entertainment business, for the team. It’s subject to the approval of the NBA.” In order for the sale to go through, the league’s other 29 owners must approve.

Gores is also practicing discretion. According to The New York Times, Gores was spotted in Detroit going into a lawyer’s office on Thursday. When asked about the Pistons’ deal, he simply replied, “Things are good, thank you…We’re in good shape. I have great respect for the Davidsons and the organization.”

These talks come two years after former owner Bill Davidson’s death. According to Michael Rosenberg, of the Detroit Free Press, there has been much instability and uncertainty in the organization since Davidson’s death, and the deal would come as a welcomed relief.

“Nobody knew really what would happen next, or how much money they could spend, or what the vision was. It’s hard to run any business that way. And that doesn’t explain the Pistons’ poor on-court performance the last two years, but it didn’t help, either,” he said.