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Deal To Sell Detroit Medical Center DETROIT, MI (Associated Press) - Officials with the Detroit Medical Center say they've worked out a deal to sell the non-profit to Nashville-based Vanguard Health Systems.

DMC Board Chair Steve D'Arcy calls the $850 million Vanguard has pledged to improve the system's hospitals "the single largest private investment" in Detroit history.

The two parties have worked out a letter of intent that would make the DMC a Vanguard subsidiary. The final deal is contingent on the approval of a tax-free Renaissance Zone.

Detroit Mayor Dave Bing says he's "elated" by the agreement. "To be able to get the private sector and this organization to come together to make this kind of commitment and investment in the city of Detroit is a watershed day," Bing says. "No doubt about it."

DMC is the largest care provider for the city's poor and uninsured. Vanguard says it will continue that commitment to "charitable care." © Copyright 2012, Associated Press