Tom Gores

Tom Gores
Born	Tewfiq Georgious (1964-07-31) July 31, 1964 Nazareth, Israel
Occupation(s)	Entrepreneur, investor
Years active	1989–present
Known for	Founder of Platinum Equity, owner of the Detroit Pistons

Tom Gores (originally named Tewfiq Georgious, ; born July 31, 1964) is a billionaire entrepreneur from the United States. He is the founder of Platinum Equity, a private equity firm headquartered in Beverly Hills, California. In June 2011, Gores, together with Platinum Equity, acquired ownership of the National Basketball Association's Detroit Pistons, and by 2015 he became the sole proprietor. As of July 2024, his wealth was approximated at $9.1 billion.

Early life and education

Gores was born in Nazareth, Israel, as the fifth child among six siblings in a devout Catholic household with roots tracing back to Greek and Lebanese ancestry. When he was about five years old, his family moved to Genesee, Michigan, near Flint. During his youth, he worked stocking shelves at his uncle’s grocery store. At Genesee High School, he was active in sports including football, baseball, and basketball.

He pursued higher education at Michigan State University, where he balanced jobs as a janitor and telemarketer while earning a bachelor's degree in construction management, graduating in 1986.

Early career and Platinum Equity

Following college graduation, Gores briefly joined Continental Telephone before co-founding Ventech, a company specializing in lumber logistics software. In 1989, he and his wife relocated to Los Angeles to oversee the company’s West Coast operations. By 1995, Gores established Platinum Equity from his home in Sherman Oaks. His initial approach involved cold-calling companies looking to divest divisions; his first acquisition was Litigation Services, Inc. (LSI), purchased for $200,000. After restructuring LSI, he restored its profitability within half a year. From 1996 through 2001, Gores spearheaded 32 acquisitions including Pilot Software, Racal, and Williams Communications. By 2002, Platinum Equity’s portfolio expanded to include divisions formerly owned by Motorola, Fujitsu, and Alcatel.

Gores appeared on the Forbes 400 list in 2002. In 2006, he acquired PNA Steel and later sold it in 2008 to Reliance Steel & Aluminum Co., resulting in $512 million in proceeds. In May 2009, he bought The San Diego Union-Tribune for approximately $30 million and sold it two years later for $110 million. By that time, Gores had completed over 100 transactions through Platinum Equity.

Purchase of the Detroit Pistons

Following the death of owner Bill Davidson in 2009, Gores became a prominent contender to acquire the NBA’s Detroit Pistons. Though Mike Ilitch initially secured exclusive negotiating rights in 2010, Gores renewed his pursuit after Ilitch’s exclusivity expired. In January 2011, Gores obtained his own exclusive negotiation period and was widely anticipated to become the franchise’s new owner.

On June 1, 2011, Gores and Platinum Equity finalized the acquisition of Palace Sports and Entertainment (PS&E), which controlled the Pistons along with their former venue, The Palace of Auburn Hills. This acquisition made Gores only the third owner in the team’s seven-decade history. The $325 million transaction was regarded as a surprisingly favorable deal compared to previous valuations. Shortly after taking ownership, Gores authorized $10 million for arena improvements and introduced community initiatives such as "Seats for Soldiers," providing complimentary tickets to U.S. military members, and "Come Together," encouraging volunteerism throughout Michigan.

In September 2015, Gores purchased Platinum Equity’s remaining shares of the Pistons to assume full ownership; prior to this transaction, he held a controlling interest of 51%, while Platinum retained 49%.

MLS growth efforts, Pistons collaboration, and additional ventures

In April 2016, Gores and Cleveland Cavaliers proprietor Dan Gilbert revealed intentions to establish a Major League Soccer team in Detroit, though the initiative did not advance as MLS opted for other expansion directions. By July 2024, MLS Commissioner Don Garber declared a halt on further league expansion until conditions are deemed suitable.

Later that year, Gores reached a deal with the Ilitch family—owners of Olympia Entertainment, the Detroit Red Wings, and Tigers—to have the Pistons relocate to the newly built Little Caesars Arena in downtown Detroit. This transition began with the 2017–18 NBA season, marking the Pistons’ first consistent home games within Detroit city limits since 1978. Additionally, Gores and the Ilitches established "313 Presents," a collaborative enterprise overseeing production, marketing, and media operations for six venues in the Detroit region owned by their respective companies.

By February 2018, the valuation of the Pistons had risen to $1.1 billion, reflecting an increase of $775 million since Gores acquired the team in 2011. In June 2018, he appointed former Toronto Raptors head coach and reigning NBA Coach of the Year, Dwane Casey, as head coach. Beyond his sports interests, Gores has invested heavily in luxury real estate, predominantly in Los Angeles, including ownership of 301 North Carolwood Drive in Holmby Hills.

In October 2024, Gores expanded his sports portfolio by acquiring a 27% ownership stake in the Los Angeles Chargers.

Philanthropy

In response to Flint, Michigan’s water crisis, Gores initiated FlintNOW in 2016 with a goal to raise up to $10 million for affected residents. Since 2009, he has consistently contributed toys to children in Detroit and Flint through Toys for Tots. His philanthropic support extends to Detroit-based organizations such as the Jalen Rose Leadership Academy and S.A.Y Detroit. After the Pistons’ 2018–2019 season concluded, Gores fulfilled a commitment by donating $255,000 to S.A.Y Detroit—comprising $5,000 for each Pistons victory plus an additional $50,000 playoff bonus.

Gores has held board positions at institutions including the Los Angeles County Museum of Art (LACMA) until 2020, St. Joseph's Hospital, and UCLA Medical Center. Alongside his family, he supports Children's Hospital Los Angeles; notably contributing $5 million in 2016 to establish the Gores Family Allergy Center dedicated to advanced allergy treatment and research.

In 2022, Gores pledged $20 million toward constructing a 25,000-square-foot community center located within Detroit’s River Rouge Park. This facility is designed to offer varied programming through collaboration with Detroit’s Parks and Recreation Department as part of initiatives led by the Gores Family Foundation.

Personal life

Gores lives in Beverly Hills, California with his wife Holly and their three children. He also owns a condominium in Birmingham, Michigan.

In 2016, he acquired the former Disney Estate situated in Holmby Hills, Los Angeles, a modern mansion valued at approximately $100 million. The estate spans 3.2 acres and includes over 30,000 square feet of living space featuring ten bedrooms and twenty bathrooms across both main and guest residences. Amenities include a wine cellar, lounge area, theatre complex, spa facilities, swimming pool, and steam rooms.

External links

• Profile of Tom Gores at Platinum Equity