Tom Gores facts for kids

Tom Gores, born Tewfiq Georgious on July 31, 1964, is a very successful American businessman. He is known for starting a company called Platinum Equity. This company helps other businesses grow and become more successful. Tom Gores also owns the Detroit Pistons, a famous basketball team in the NBA. He became the sole owner of the team in 2015. As of July 2024, his wealth was estimated to be around $9.1 billion.

Tom Gores' Early Life and School

Tom Gores was born in Nazareth, Israel, on July 31, 1964. He was the fifth of six children in his family. His father was from Greece, and his mother was from Lebanon. When Tom was about five years old, his family moved from Nazareth. They settled in Genesee, Michigan, which is near Flint.

What Was Tom Gores' First Job?

Tom's first job was stocking shelves at his uncle's grocery store in Genesee. While he was a student at Genesee High School, Tom was very active in sports. He played football, baseball, and basketball.

Where Did Tom Gores Go to College?

After high school, Tom Gores went to Michigan State University. To pay for his studies, he worked as a janitor and a telemarketer. He graduated in 1986 with a degree in construction management.

Tom Gores' Business Career

After college, Tom Gores worked briefly at a phone company. Then, he helped start a company that dealt with software for lumber logistics. In 1989, he and his wife moved to Los Angeles to manage the company's operations there.

How Did Platinum Equity Start?

In 1995, Tom Gores started his own company, Platinum Equity, from his home. At first, he would call businesses to see if they wanted to sell any parts of their company. His first big project was with a company called Litigation Services, Inc. (LSI). This company made computer re-creations of accidents for court cases. It was not making money, but Tom bought it for $200,000. He changed how the company was run, and it started making money again within six months.

Between 1996 and 2001, Tom Gores led 32 business deals. These included buying parts of big companies like Motorola and Fujitsu. By 2002, Tom Gores was listed on the Forbes 400 list. This list names the wealthiest people in America.

Buying and Selling Businesses

In 2006, Tom Gores helped buy PNA Steel. They later sold it in 2008 and made a profit of $512 million. In 2009, he bought The San Diego Union-Tribune newspaper for about $30 million. He sold it in 2011 for $110 million. By 2009, Tom Gores had completed over 100 deals through Platinum Equity.

Tom Gores and the Detroit Pistons

Tom Gores had been interested in buying the NBA's Detroit Pistons basketball team for a while. The team's long-time owner, Bill Davidson, passed away in 2009. In 2010, another businessman, Mike Ilitch, was expected to buy the team. However, that deal did not happen. Tom Gores then showed interest again.

When Did Tom Gores Buy the Pistons?

On June 1, 2011, Tom Gores and Platinum Equity bought Palace Sports and Entertainment (PS&E). This company owned the Pistons and their old arena, The Palace of Auburn Hills. Tom Gores became the third owner in the team's 70-year history. The team was bought for $325 million.

Soon after buying the team, Tom Gores spent $10 million to improve the Palace of Auburn Hills. He also started programs like "Seats for Soldiers." This program gives free tickets to U.S. military members and their families for PS&E events. Another program, "Come Together," celebrates community service in Michigan.

In September 2015, Tom Gores bought Platinum Equity's share of the Pistons. This made him the only owner of the team. Before this, he owned 51% and Platinum owned 49%.

Pistons Move to Downtown Detroit

In April 2016, Tom Gores and another team owner, Dan Gilbert, announced they wanted to bring a Major League Soccer team to Detroit. Later in 2016, Gores made a deal with the Ilitch family. This deal allowed the Pistons to share the new Little Caesars Arena in downtown Detroit with the Detroit Red Wings hockey team. The Pistons started playing in downtown Detroit again in the 2017 season. This was the first time since 1978 that the Pistons regularly played in the city of Detroit itself.

Tom Gores and the Ilitch family also started a new company together called "313 Presents." This company manages shows and events at six venues in the Detroit area that they own. As of February 2018, the Pistons team was valued at $1.1 billion. This was a gain of $775 million since Tom Gores bought them in 2011. In June 2018, Gores hired Dwane Casey as the new head coach for the Pistons.

Tom Gores' Philanthropy and Giving Back

Tom Gores is very active in giving back to the community. In 2016, he started FlintNOW. This organization aimed to raise $10 million to help people in Flint, Michigan affected by the city's water crisis. Since 2009, Tom Gores has also given toys to children in Detroit and Flint through the Toys for Tots program.

He also supports other organizations in the Detroit area. These include the Jalen Rose Leadership Academy and S.A.Y Detroit. After the Pistons' 2018–2019 season, he donated $255,000 to S.A.Y Detroit. This was part of a promise he made to donate money for every Pistons win.

The Gores Family Allergy Center

Tom Gores and his family support Children's Hospital Los Angeles. They are especially helpful to the hospital's allergy division. In 2016, Tom and his wife Holly donated $5 million to the hospital. This money helped create the Gores Family Allergy Center. This center provides care and research for people with allergies.

New Community Center in Detroit

In 2022, Tom Gores donated $20 million to build a community center in Detroit's River Rouge Park. This was one of the first big projects from the Gores Family Foundation. The center is a large building with many uses. It will host different programs for the community. The foundation worked with Detroit's Parks and Recreation Department on this project.

Tom Gores' Personal Life

Tom Gores lives in Beverly Hills, California, with his wife, Holly, and their three children. He also has a home in Birmingham, Michigan. In 2016, Tom Gores bought a large mansion in the Holmby Hills area of Los Angeles. This property is very big, with many bedrooms, bathrooms, and special rooms like a wine room and a movie theater.

See also

In Spanish: Tom Gores para niños