- Associated Press - Thursday, June 30, 2011

AUBURN HILLS, MICH. (AP) - Detroit Pistons CEO Alan Ostfield has been let go by the team’s new ownership.

Ostfield became president and CEO of both the Pistons and Palace Sports & Entertainment last year. The team was purchased about a month ago by Platinum Equity chairman Tom Gores in a deal that included Palace Sports.

Platinum Equity partners Phil Norment and Bob Wentworth will share PS&E leadership responsibilities on an interim basis. Norment says the change is part of “an overall realignment of the business side of the organization.”

Gores has left team president Joe Dumars, who heads the team’s basketball operations, in place.