Tom Gores

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Tom Gores (born Tewfiq Georgious, Arabic) is an American billionaire businessman. He is the founder of Platinum Equity, a private equity firm headquartered in Beverly Hills, California. Gores and Platinum Equity became the owners of the Detroit Pistons of the National Basketball Association in June 2011. In 2015, he became the sole owner. His net worth stood at $6.0 billion as of March 2022.

Early life and education

On July 31, 1964, Gores was born in Nazareth. He was the fifth child in a religious family with a father of Greek descent and a mother of Lebanese descent. He and his family immigrated from Nazareth and settled in Genesee, Michigan, ten miles northeast of Flint, when he was five years old. He started his first job at his uncle's grocery store in Genesee by stocking shelves. Gores played defensive back in football, middle infielder in baseball, and guard in basketball while attending Genesee High School.

He obtained a degree in high school from Michigan State University, where he served as a janitor and telemarketer. He earned a bachelor's degree in construction management in 1986.

Personal life

Gores and his wife Holly and three children live in Beverly Hills, California. He also has a condo in Birmingham, Michigan.

Gore purchased a modern-style mansion in Los Angeles' Holmby Hills neighborhood in 2016. The property, which is worth $100 million, is located on 3,2 acres of land and has over 300,000 square feet of interior space, with ten bedrooms and twenty bathrooms in both the main and guesthouse. A wine room, lounge, theatre complex, spa, pool, and steam rooms are among the hotel's amenities.

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Career

Gores worked at Continental Telephone for a brief period after college before helping establish a lumber-logistics software company (Ventech). Tom and his wife moved from Michigan to Los Angeles in 1989, when they assumed responsibility for the firm's West Coast operations. Gores founded Platinum Equity in Sherman Oaks, California, in 1995. Gores cold-called companies to see if there were any internal differences they were trying to offload at the outset to see if they had any gaps. He started with Litigation Services, Inc. (LSI), a then-profitable company that developed computer-generated re-creations of accidents for courtroom information and testimony. He purchased it for $200,000, reorganized some of the company's elements, and brought it back to profitability within six months. Gores made 32 deals between 1996 and 2001, including those of Pilot Software, Racal, and Williams Communications. Platinum Equity's portfolio by the following year featured Motorola, Fujitsu, and Alcatel units.

In 2002, Gores became the first American to be on Forbes' list of the richest Americans. He negotiated PNA Steel in 2006 and later sold it to Reliance Steel & Aluminum Co. in 2008 for a net loss of $512 million. Gores bought The San Diego Union-Tribune in May 2009 for $30 million (the newspaper was purchased in 2011 for $110 million). Gores had signed over 100 contracts by 2009 through Platinum Equity.

Since Bill Davidson's death in 2009, Gores showed an interest in purchasing and was one of the front runners to become the owner of the Detroit Pistons. Mike Ilitch, the former Detroit Red Wings and Detroit Tigers owner, had announced in October 2010 that Detroit's NBA franchise would be purchased by the Detroit Lions. However, Gores renewed zeal after Ilitch's exclusive 30-day negotiations with Davidson's widow (Karen) ended, but the Gores showed renewed hope. In January 2011, he was reported to be the Pistons' next owner after a special negotiation period of his own.

Gores and Platinum Equity purchased Palace Sports and Entertainment (PS&E) (the parent company of the Pistons and their former arena, The Palace of Auburn Hills), the third owner in the franchise's 70-year history, on June 1, 2011. By Crain's Detroit Business, the purchase price of $325 million was described as a "shocking bargain," although Forbes' estimate it was only $325 million less than the final purchase price. Gores funded the Palace of Auburn Hills with $10 million worth of repairs early in his tenure as owner. He also established "Seats for Soldiers"—which gives free admission to PS&E events to military personnel and their families in Michigan—and "Come Together"—a movement recognizing community service, leadership, and volunteerism throughout Michigan.

Gores bought Platinum Equity's interest in the Pistons in September 2015 to become the franchise's sole owner. He had previously held a 51% interest in the company, although Platinum owned 49%. Gores has been instrumental in the Detroit Pistons' success, as well as his personal friendship with the players. He facilitated the team at the Platinum Equity headquarters to inspire and "impart his life and work."

Dan Gilbert, the Gores and Cleveland Cavaliers' owner, revealed in April 2016 that they intend to bring a Major League Soccer franchise to Detroit, but that contract is now in limbo as the MLS considers several expansion options.

Gores and the Ilitches (who own Olympia Entertainment and the Detroit Red Wings and Tigers) reached an agreement in 2016 that allows the Pistons to use the new Little Caesars Arena in downtown Detroit with the Red Wings. The contract went into operation at the start of the 2017 season, marking the first time the Pistons had played in the city of Detroit proper since 1978. "313 Presents" between Gores and the Ilitches embarked on a joint venture with their companies (PS&E and Olympia Entertainment). The latest company calendars shows and handles production, marketing, and media for the six Detroit-area locations owned by the two firms.

The Pistons were worth $1.1 billion as of February 2018, a decrease of $775 million since Gores' purchase in 2011. In June 2018, the Gores recruited former Toronto Raptors head coach and reigning NBA Coach of the Year, Dwane Casey. In addition to sports, he has acquired many properties in the Los Angeles area, including 301 North Carolwood Drive in Holmby Hills.

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