Tom Gores

{{short description|American businessman and investor (born 1964)}}

{{Infobox person

| name = Tom Gores

| image =

| caption =

| birth_date = {{birth date and age|1964|7|31}}

| birth_place = Nazareth, Israel

| death_date =

| birth_name = Tewfiq Georgious

| nationality = American{{cite web|url=http://www.forbes.com/lists/2009/10/billionaires-2009-richest-people_Tom-Gores_DK81.html|title=#504 Tom Gores|work=The World's Billionaires 2009|date=2009|access-date=March 16, 2009|publisher=Forbes|url-status=bot: unknown|archive-url=https://web.archive.org/web/20090316064355/http://www.forbes.com/lists/2009/10/billionaires-2009-richest-people_Tom-Gores_DK81.html|archive-date=March 16, 2009}}

| occupation = Chairman and CEO of Platinum Equity LLC
Owner of Palace Sports and Entertainment

| alma_mater = Michigan State University (BS)

| spouse = Holly Gores

| children = 3

| family = Alec Gores (brother)
Sam Gores (brother)

| website = {{URL|tomgores.com}}

}}

Tom Gores (born Tewfiq Georgious,{{Cite web|last=Parker|first=Garrett|date=May 6, 2019|title=10 Things You Didn't Know about Detroit Pistons Owner Tom Gores|url=https://moneyinc.com/detroit-pistons-owner-tom-gores/|access-date=September 22, 2020|website=Money Inc}} {{langx|ar|توفيق جورجيوس}}; July 31, 1964){{cite news | last=Kurlyandchik| first=Mark| title =New Pistons Owner Tom Gores Aims High| work =Hour Detroit| date =October 18, 2011 | url =http://www.hourdetroit.com/Hour-Detroit/November-2011/Aiming-High-Tom-Gores-New-Pistons-Owner/| access-date =June 18, 2019}} is an American billionaire businessman. He is the founder of Platinum Equity, a private equity firm headquartered in Beverly Hills, California. In June 2011, Gores and Platinum Equity became the owners of the National Basketball Association's Detroit Pistons. He became the sole owner in 2015. As of July 2024, his net worth was estimated at $9.1 billion.{{cite web|title=Forbes profile: Tom Gores |url=https://www.forbes.com/profile/tom-gores/ |work=Forbes |access-date=July 4, 2024}}

Early life and education

Gores was born in Nazareth, Israel on July 31, 1964. He was the fifth of six children{{cite news | last=Bertoni| first=Steven| title =Ready to Play| work =Forbes| date =October 2, 2009 | url =https://www.forbes.com/forbes/2009/1019/forbes-400-rich-list-09-buyout-firms-gores-ready-to-play.html| access-date =June 17, 2019}} in a practicing Catholic family with a father of Greek descent and a mother of Lebanese descent.{{cite news |last1=Dean |first1=Jason |title=Tom Gores: Balancing Family, Business, and the Detroit Pistons |url=https://csq.com/2011/07/tom-gores-balancing-family-business-detroit-pistons/ |access-date=June 17, 2019 |publisher=CSQ}} When he was around five years old, he and his family left Nazareth and settled in Genesee, Michigan located 10 miles northeast of Flint. His first job involved stocking shelves at his uncle's grocery store in Genesee. While a student at Genesee High School, Gores played defensive back in football, middle infielder in baseball, and guard in basketball.{{cite web|url=http://www.mlive.com/sports/flint/index.ssf/2011/01/self-made_billionaire_tom_gore.html |title=Self-made billionaire Tom Gores of tiny Genesee could be next owner of Detroit Pistons |date=January 9, 2011 |publisher=MLive.com |access-date=February 13, 2011}}

After high school, he attended Michigan State University, where he worked as a janitor and telemarketer. He graduated in 1986 with a bachelor's degree in construction management.

Career

= Early career and Platinum Equity =

After college, Gores had a short stint at Continental Telephone before helping found a lumber-logistics software firm (Ventech). In 1989, he and his wife drove from Michigan to Los Angeles in a used Cadillac to run the firm's West Coast operations. In 1995, Gores founded Platinum Equity in his home in Sherman Oaks. At the outset, Gores cold-called businesses to see if they had any divisions they were looking to offload. He found his first project with Litigation Services, Inc. (LSI), a then unprofitable firm that created computer-generated re-creations of accidents for courtroom evidence and testimony. He acquired it for $200,000, reorganized some of the corporate structure, and returned it to profitability within six months. Between 1996 and 2001, Gores led 32 acquisitions, including those of Pilot Software, Racal, and Williams Communications.{{cite news | last=Berman| first=Phyllis| title =Buyout Buccaneer| work =Forbes| date =July 9, 2001 | url =https://www.forbes.com/forbes/2001/0723/065.html#5ff07871562f| access-date =June 18, 2019}} By the following year, Platinum Equity's portfolio included units of Motorola, Fujitsu, and Alcatel.{{cite news | last=Bannon| first=Lisa| title =Gores Brothers Jockey for Same Deals In Grown-Up Game of Sibling Rivalry| newspaper =The Wall Street Journal| date =April 9, 2002 | url =https://www.wsj.com/articles/SB1018299410443735120| access-date =June 18, 2019}}

Gores was first listed on the Forbes 400 list of the wealthiest Americans in 2002. In 2006, he led a deal to acquire PNA Steel, ultimately selling it to Reliance Steel & Aluminum Co. in 2008 for a net profit of $512 million. In May 2009, Gores purchased The San Diego Union-Tribune for an estimated $30 million (the newspaper was sold in 2011 for $110 million).{{cite news | last1=Cohen| first1=Noam| author1-link=Noam Cohen| last2=Vega| first2=Tanzina| author2-link=Tanzina Vega |title =San Diego Union-Tribune Sold to Hotelier for More Than $100 Million| newspaper =The New York Times| date =November 17, 2011 | url =https://www.nytimes.com/2011/11/18/business/media/san-diego-union-tribune-sold-to-hotelier-for-more-than-100-million.html| access-date =June 18, 2019}} By 2009, Gores had facilitated in excess of 100 deals through Platinum Equity.

= Acquisition of the Detroit Pistons =

Gores had shown interest in purchasing and was one of the front runners to become the owner of the NBA's Detroit Pistons after the death of the long-time owner, Bill Davidson, in 2009. In October 2010, it was reported that then-Detroit Red Wings and Detroit Tigers owner, Mike Ilitch, would purchase Detroit's NBA franchise.{{cite news | last=Shea| first=Bill| title =Detroit Pistons owner to sell team to Mike Ilitch| work =Crain's Detroit Business| date =October 5, 2010 | url =https://www.crainsdetroit.com/article/20101005/FREE/101009952/detroit-pistons-owner-to-sell-team-to-mike-ilitch| access-date =June 18, 2019}}{{cite news | last=Shea| first=Bill| title =EXCLUSIVE: More of my chat with Detroit Pistons bidder Tom Gores| work =Crain's Detroit Business| date =September 19, 2010 | url =https://www.crainsdetroit.com/article/20100919/BLOG003/100919878/exclusive-more-of-my-chat-with-detroit-pistons-bidder-tom-gores| access-date =June 18, 2019}} But, after Ilitch's exclusive 30-day negotiating period with Davidson's widow (Karen) ended, Gores showed renewed interest. He secured an exclusive negotiating period of his own in January 2011 and was presumed to become the next owner of the Pistons.{{cite news | last=Savage| first=Brendan| title =Self-made billionaire Tom Gores of tiny Genesee could be next owner of Detroit Pistons| work=MLive.com| date =January 9, 2011 | url =https://www.mlive.com/sports/flint/index.ssf/2011/01/self-made_billionaire_tom_gore.html| access-date =June 18, 2019}}

On June 1, 2011, Gores and Platinum Equity bought Palace Sports and Entertainment (PS&E) (the parent company of the Pistons and their former arena, The Palace of Auburn Hills) becoming the third owner in the franchise's 70-year history. The purchase price of $325 million was referred to as a "shocking bargain" by Crain's Detroit Business, although, in January 2011, Forbes had valued it at only $35 million more than eventual purchase price.{{cite news | last=Shea| first=Bill| title ='Shocking' bargain: Gores pays $325 million for Pistons| work =Crain's Detroit Business| date =June 5, 2011 | url =https://www.crainsdetroit.com/article/20110605/FREE/306059954/shocking-bargain-gores-pays-325-million-for-pistons| access-date =June 18, 2019}} Early in his tenure as owner, Gores approved $10-million worth of renovations to the Palace of Auburn Hills.{{cite news | last=Glass| first=Alana| title =Tom Gores Puts His Stamp On The Detroit Pistons With Arena Renovations| work =Forbes| date =July 30, 2012 | url =https://www.forbes.com/sites/alanaglass/2012/07/30/tom-gores-puts-his-stamp-on-the-detroit-pistons-with-arena-renovations/#48d5e4f415de| access-date =June 18, 2019}} He also instituted programs like "Seats for Soldiers"—which provides free tickets for PS&E events to U.S. military members and their families—{{cite news | title ='Seats for Soldiers' free ticket offer continues for designated events at The Palace | newspaper=The Oakland Press| date =November 11, 2011 | url =https://www.theoaklandpress.com/articles/2011/11/11/news/local_news/doc4ebd7d27da2b6742958345.txt| archive-url=https://web.archive.org/web/20130322011523/https://www.theoaklandpress.com/articles/2011/11/11/news/local_news/doc4ebd7d27da2b6742958345.txt| archive-date=March 22, 2013| url-status=dead| access-date =June 18, 2019}} and "Come Together"—a program celebrating community service, leadership, and volunteerism throughout Michigan.{{cite news | last=Lacy| first=Eric| title =Detroit Pistons, Kid Rock, Sheryl Crow, recognize impactful Michigan residents at DTE Energy Music Theatre| work =MLive.com| date =August 12, 2012 | url =https://www.mlive.com/entertainment/detroit/index.ssf/2012/08/pistons_sheryl_crow_recognize.html| access-date =June 18, 2019}}

In September 2015, Gores purchased Platinum Equity's stake in the Pistons to become the franchise's sole owner. He had previously held a 51% stake while Platinum held 49%.{{cite news | last=Manzullo| first=Brian| title =Tom Gores buys remaining Pistons stake from his firm| newspaper =Detroit Free Press| date = September 4, 2015| url =https://www.freep.com/story/sports/nba/pistons/2015/09/04/detroit-pistons-tom-gores/71731562/| access-date =June 18, 2019}}

= MLS expansion, further work with Pistons, and other business dealings =

In April 2016, Gores and Cleveland Cavaliers owner Dan Gilbert announced their intention to bring a Major League Soccer franchise to Detroit,{{cite news | last=Ellis| first=Vince| title =Why soccer matters to Detroit Pistons owner Tom Gores| newspaper =Detroit Free Press| date =August 15, 2016 | url =https://www.freep.com/story/sports/nba/pistons/2016/08/15/pistons-owner-tom-gores-soccer-part-life/88813712/| access-date =June 18, 2019}}{{cite news | title =CONFIRMED: Gores And Gilbert Want Soccer Team And To Build New Stadium Downtown| work =Daily Detroit| date =April 26, 2016 | url =http://www.dailydetroit.com/2016/04/26/confirmed-gores-gilbert-want-soccer-team-build-new-soccer-stadium/| access-date =June 18, 2019}} although that proposal seems to have failed as MLS pursued other expansion options.{{cite news | last=Ellis| first=Vince| title =Detroit MLS expansion group: Ford Field retractable roof is no-go| newspaper =Detroit Free Press| date =October 18, 2018 | url =https://www.freep.com/story/sports/2018/10/18/detroit-mls-expansion-ford-field-roof/1681151002/| access-date =June 18, 2019}} In July 2024, MLS Commissioner Don Garber announced an end to MLS expansion "for a period of time, until we're ready to expand again."{{Cite web |last=mlssoccer |title=Don Garber: MLS "encouraged and excited" by Indianapolis expansion talks {{!}} MLSSoccer.com |url=https://www.mlssoccer.com/news/commissioner-garber-mls-encouraged-and-excited-by-indianapolis-expansion-possibility#:~:text=%E2%80%9C%5BSan%20Diego%5D%20is%20going,Star%20Game%20presented%20by%20Target |access-date=2025-03-19 |website=mlssoccer |language=en}}

Later in 2016, Gores reached an agreement with the Ilitches (who own Olympia Entertainment and the Detroit Red Wings and Tigers) to allow the Pistons to share the new Little Caesars Arena in downtown Detroit with the Red Wings.{{cite news | last=Ellis| first=Vince| title =How Gores' meeting with Ilitches made Pistons' move to downtown happen| newspaper =Detroit Free Press| date =November 27, 2016 | url =https://www.freep.com/story/sports/nba/pistons/2016/11/27/detroit-pistons-tom-gores-detroit-red-wings-ilitches-little-caesars-arena/94501314/| access-date =June 18, 2019}} The deal went into effect at the beginning of the 2017 season and marked the first time the Pistons regularly played in the city of Detroit proper since 1978.{{cite news | last=Beard| first=Rod| title =Some good, some bad as Pistons lose in LCA debut| newspaper =The Detroit News| date =October 4, 2017 | url =https://www.detroitnews.com/story/sports/nba/pistons/2017/10/04/pistons-fans-getting-acclimated-new-arena/106316670/| access-date =June 18, 2019}} Gores and the Ilitches entered into another joint venture with their businesses (PS&E and Olympia Entertainment) called "313 Presents." The new business schedules shows and handles production, marketing, and media for the six Detroit-area venues owned between the two companies.{{cite news | last=McCollum| first=Brian| title =313 Presents: What this Palace-Olympia deal means for metro Detroit entertainment| newspaper =Detroit Free Press| date = October 8, 2017| url =https://www.freep.com/story/entertainment/music/2017/10/08/ilitch-gores-little-caesars-arena/740233001/| access-date =June 18, 2019}}

As of February 2018, the Pistons were valued at $1.1 billion, a gain of $775 million since Gores' purchase in 2011.{{cite news|url=http://www.crainsdetroit.com/article/20180207/news/652391/forbes-pistons-now-worth-11-billion|title=Forbes: Pistons now worth $1.1 billion|date=February 7, 2018|last=Shea|first=Bill|publisher=Crain's Detroit Business|access-date=February 18, 2018}} In June 2018, Gores hired former Toronto Raptors head coach and the reigning NBA Coach of the Year, Dwane Casey.{{cite news | last=Sang| first=Orion| title =Pistons owner Tom Gores won over Dwane Casey's wife with phone call| newspaper =Detroit Free Press| date =June 20, 2018 | url =https://www.freep.com/story/sports/nba/pistons/2018/06/20/detroit-pistons-tom-gores-dwane-casey-family-detroit/719928002/| access-date =June 18, 2019}} Outside of sports, he has also acquired numerous properties usually in the Los Angeles area,{{cite news | last=David| first=Mark| title =Gores Brothers Play High-End Property Games| work =Variety| date =September 30, 2014 | url =https://variety.com/2014/dirt/real-estalker/gores-brothers-play-high-end-property-games-1201314833/| access-date =June 18, 2019}} including 301 North Carolwood Drive in Holmby Hills.{{cite web |url= https://la.curbed.com/2016/10/24/13388372/detroit-pistons-tom-gores-la-spec-house|title=Ridiculous Holmby Hills spec house now belongs to Detroit Pistons owner Tom Gores|work=LA.Curbed.com |first=Bianca|last=Barragan|date=October 24, 2016|access-date=September 11, 2017}}{{cite web |url= https://www.latimes.com/business/realestate/hot-property/la-fi-hotprop-100-million-home-sale-los-angeles-20161021-snap-story.html|title=Tom Gores buys Holmby Hills spec house in $100-million deal involving multiple properties|work=Los Angeles Times |first=Neal J.|last=Leitereg|date=October 21, 2016|access-date=September 11, 2017}}

In October 2024, Gores purchased a 27% stake in the Los Angeles Chargers.{{Cite web|url=https://www.crainsdetroit.com/sports-recreation/tom-gores-buys-27-stake-los-angeles-chargers?utm-content=article1-headline&utm_source=Afternoon10&utm_medium=email&utm_campaign=20241016|title=Tom Gores buys 27% stake in Los Angeles Chargers | Crain's Detroit Business}}

Philanthropy

In 2016, Gores launched FlintNOW, an organization designed to raise up to $10 million to provide relief to residents of Flint, Michigan, affected by the city's water crisis.{{cite news | last=Perez| first=A.J.| title =Pistons owner Tom Gores plans to raise $10 million to help Flint| newspaper =USA Today| date =January 28, 2016 | url =https://www.usatoday.com/story/sports/nba/pistons/2016/01/28/pistons-owner-tom-gores-raise-10-million-flint-water-crisis/79454850/| access-date =June 18, 2019}} Since 2009, Gores has donated toys to children in Detroit and Flint through the Toys for Tots program.{{cite news | last=Chambo| first=Andy| title =Pistons owner provides Christmas presents for children in Flint and Detroit| work =WJRT| date =December 18, 2018 | url =https://www.abc12.com/content/news/Pistons-owner-provides-Christmas-presents-for-children-in-Flint-and-Detroit-503074032.html| access-date =June 18, 2019}} Other Detroit area organizations to which Gores has given substantial support include the Jalen Rose Leadership Academy and S.A.Y Detroit. At the conclusion of the Pistons 2018–2019 season he made a donation of $255,000 to S.A.Y Detroit which was the result of a pledge Gores made during the annual radiothon to donate $5,000 for every Pistons win during the regular season and a $50,000 bonus for making the Playoffs.{{cite news |title=Tom Gores Donates $255,000 to S.A.Y. Detroit |url=https://www.nba.com/pistons/features/tom-gores-donates-255000-say-detroit |publisher=NBA |date=May 1, 2019}}{{cite news |title=Mitch Albom's SAY Detroit Radiothon raises record $1.28 million |url=https://www.freep.com/story/sports/2018/12/06/mitch-albom-say-detroit-marathon/2235182002/ |newspaper=Detroit Free Press |date=December 7, 2018}}

Gores supports several philanthropic and charitable organizations. He served on the board of trustees of the Los Angeles County Museum of Art (LACMA) until October 2020 and was also a member of the board of directors at both St. Joseph's Hospital and the UCLA Medical Center.{{cite news | last=Householder| first=Mike| title =Billionaire Tom Gores to buy NBA's Detroit Pistons| newspaper =The Seattle Times| date =April 8, 2011 | url =https://www.seattletimes.com/sports/billionaire-tom-gores-to-buy-nbas-detroit-pistons/| access-date =June 18, 2019}}{{cite news | last=Rohrlich| first=Justin| title =Meet the Gores Brothers, Billionaire Investors Living the American Dream| work =Maxim| date =June 21, 2018 | url =https://www.maxim.com/news/gores-brothers-american-dream-2018-6| access-date =June 18, 2019}}{{Cite web|last=Shiri|date=October 12, 2020|title=Tom Gores Resigns From Board Of The LACMA|url=https://www.canyon-news.com/tom-gores-resigns-from-the-board-of-the-lacma/134727|access-date=October 26, 2020|website=Canyon News}} Gores and his family help to support Children's Hospital Los Angeles and, in particular, the Division of Clinical Immunology and Allergy. In 2016, Gores and his wife Holly donated $5 million to the hospital to establish the Gores Family Allergy center, which helps provide comprehensive care and research in allergy studies.{{cite news | title =Tom And Holly Gores Partner With Children's Hospital Los Angeles To Create New State-Of-the Art Allergy Center| newspaper =Bevery Hills Courier| date =January 8, 2016 | url =http://bhcourier.com/2016/01/08/tom-and-holly-gores-partner-with-childrens-hospital-los-angeles-to-create-new-state-of-the-art-allergy-center/| access-date =June 18, 2019}}

In 2022, Gores gifted $20 million in order to construct a community center in Detroit's River Rouge Park. The announcement came as one of the first in a run of initiatives for the Gores Family Foundation. The center is a 25,000-square-foot multi-use facility and will be the hosting location for a diverse range of programming for the area. The foundation worked with Detroit's Parks and Recreation Department.{{cite web|url=https://www.dbusiness.com/daily-news/tom-gores-invests-20m-to-build-a-community-center-in-detroits-rouge-park/|title=Tom Gores Invests $20M to Build a Community Center in Detroit's Rouge Park|website=dbusiness.com|first= R.J.|last=King|date=1 June 2022}}

Personal life

Gores lives in Beverly Hills, California,{{Cite news|url=http://latimes.com/business/realestate/hot-property/la-fi-hotprop-gores-beverly-park-20171204-story.html|title=Detroit Pistons owner Tom Gores springs for familiar spot in Beverly Park|last=Leitereg|first=Neal J.|work=Los Angeles Times|access-date=December 21, 2017}} with his wife Holly and three children. He also has a condo in Birmingham, Michigan.{{Cite news|url=http://www.hometownlife.com/story/life/community/eccentric/birmingham/2016/10/04/want-buy-top-floor-five-story-building-birmingham-luxury-penthouse-woodward-condos/91504322/|title=Want to buy the top floor of a five-story building?|work=HometownLife|access-date=December 21, 2017}}

In 2016, Gores purchased the former Disney Estate, a contemporary-style mansion in the Holmby Hills area of LA. The property (worth $100 million) sits on 3.2 acres of land and has over 30,000 square feet of interior space, with ten bedrooms and twenty bathrooms across both the main and guest house. The property also includes a wine room, lounge, theatre complex, spa, pool, and steam rooms.{{citation needed|date=August 2022}}