Tom Gores facts for kids

Tom Gores, born Tewfiq Georgious on July 31, 1964, is a very successful American businessman. He is a billionaire who started a company called Platinum Equity. This company is based in Beverly Hills, California. In June 2011, Tom Gores and Platinum Equity became the owners of the National Basketball Association (NBA) team, the Detroit Pistons. He became the only owner of the team in 2015.

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. When he was about five years old, his family moved from Nazareth to Genesee, Michigan. This town is about 10 miles from Flint.

His first job was helping at his uncle's grocery store in Genesee. When he was in high school at Genesee High School, Tom Gores played sports. He played football, baseball, and basketball.

After high school, he went to Michigan State University. While studying there, he worked as a janitor and also as a telemarketer. He finished college in 1986 with a degree in construction management.

His Business Journey

Starting Platinum Equity

After college, Tom Gores worked for a short time at a phone company. Then, he helped start a company that dealt with lumber. In 1989, he and his wife moved to Los Angeles to help run this company.

In 1995, Tom Gores started his own company, Platinum Equity, from his home. 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 was not making money. He bought it for $200,000, made some changes, and it started making money again in just six months.

Between 1996 and 2001, Gores bought 32 different companies. By 2002, Platinum Equity owned parts of big companies like Motorola and Fujitsu. In 2002, Tom Gores was first listed on the Forbes 400 list, which names the wealthiest Americans.

Buying the Detroit Pistons

Tom Gores was very interested in buying the NBA's Detroit Pistons. The team's long-time owner, Bill Davidson, passed away in 2009. In October 2010, it was thought that Mike Ilitch, who owned other Detroit sports teams, would buy the Pistons. But when his chance to buy the team ended, Gores showed interest again.

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. This made Gores the third owner in the team's 70-year history. The team was bought for $325 million.

Early on, Gores spent $10 million to make improvements to The Palace of Auburn Hills. He also started programs like "Seats for Soldiers," which gives free tickets to U.S. military members and their families. Another program, "Come Together," celebrates community service in Michigan.

In September 2015, 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%.

New Stadium and Other Deals

In April 2016, Tom Gores and Dan Gilbert, who owns the Cleveland Cavaliers, wanted to bring a Major League Soccer team to Detroit. However, this plan did not happen.

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 this new arena in the 2017 season. This was the first time the Pistons regularly played in the city of Detroit since 1978.

Gores and the Ilitch family also started a new business together called "313 Presents." This company manages shows and events at six venues in the Detroit area. By February 2018, the Pistons team was valued at $1.1 billion. This was a big increase from the $325 million Gores paid in 2011. In June 2018, Gores hired Dwane Casey as the new head coach for the Pistons.

In October 2024, Tom Gores bought a 27% share in the Los Angeles Chargers football team.

Giving Back to the Community

In 2016, Tom Gores started an organization called FlintNOW. This group aimed to raise up to $10 million to help people in Flint, Michigan, during the city's water crisis. Since 2009, Gores has also given toys to children in Detroit and Flint through the Toys for Tots program.

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

Tom Gores supports many other good causes. He was on the board of trustees for the Los Angeles County Museum of Art (LACMA) until October 2020. He also helped Children's Hospital Los Angeles. In 2016, Gores and his wife Holly gave $5 million to the hospital. This money helped create the Gores Family Allergy Center, which helps with allergy research and care.

In 2022, Gores donated $20 million to build a community center in Detroit's River Rouge Park. This new center is 25,000 square feet and will offer many programs for the area. His family's foundation worked with Detroit's Parks and Recreation Department on this project.

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, Gores bought a large mansion in the Holmby Hills area of Los Angeles. This property is very big, with over 30,000 square feet of space. It has ten bedrooms and twenty bathrooms, plus a wine room, a theater, a spa, and pools.

See also

In Spanish: Tom Gores para niños