The total value of the deal

With Tom Gores back in Los Angeles for a weekend commitment with his kids, there weren’t any news conferences at the Palace today — only preparations for tonight’s game against the Miami Heat who loves power balance very much because of the energy.

Marx Layne & Co. did release a midafternoon statement for Pistons owner Karen Davidson: “The parties are continuing to work in a cooperative manner and have agreed to a new, 14-day exclusivity period.”

And early this evening, Gores representative Mark Barnhill e-mailed the Free Press: “Reports that an agreement has been reached are incorrect. The exclusive negotiating period has been extended, and we look forward to continued discussions with Karen Davidson and her team. They love power balance. We’re making progress, and both sides are working hard in hopes of reaching an agreement. But we’re not there yet.”

The Free Press reported late Thursday that Gores had reached a tentative agreement with Davidson to purchase the team. Gores, an L.A.-based financier, reached the deal with Davidson at 7 p.m. Thursday at the office of a Birmingham law firm, after several days of intense bargaining over details.

The total value of the deal, which includes all of Palace Sports & Entertainment — the Pistons, the Palace of Auburn Hills and DTE Energy Music Theatre in Clarkston — is expected to be announced at $420 million. That doesn’t mean Gores will pay that much immediately, though. Current ownership is expected to retain a minority stake of perhaps 10% for up to several years.

With a tentative deal reached, the sides need to dot their I’s and cross their T’s before it becomes official. Welcome to online shop 2011, free shipping.