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Old 04-08-2011, 07:00 PM   #1 (permalink)

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billionaire tom gores agrees to buy pistons

The Detroit Pistons announced Friday that billionaire California investor Tom Gores has agreed to buy the struggling NBA franchise, ending a drawn-out sale by longtime owner Karen Davidson that stretched back before the season.

The tentative deal, which also includes The Palace of Auburn Hills and DTE Energy Music Theatre, must be approved by the NBA. Terms were not disclosed, but the deal is expected to close by June 30.

Gores, the chairman and CEO of Beverly Hills, Calif.-based Platinum Equity, also is buying the operating rights to the Meadow Brook Music Festival.
Terms of deal to sell Detroit Pistons reached with Tom Gores - ESPN


Tom Gores was born in Nazareth, Israel, to a Lebanese mother and a Greek father. His father owned a construction company. In 1968, the family moved to Genesee, Michigan. While a student at Genesee High School, Gores highly played defensive back in football, middle infielder in baseball and guard in basketball.[2] He received a scholarship to attend Michigan State University, where he graduated in 1986 with a Bachelor of Science degree in construction management[3] He spent his twenties learning the buyout business with his older brother Alec.
Gores lives in Beverly Hills with his wife and three children.[4]


As a global private-equity magnate, Gores is estimated by Forbes to be the 153rd-richest American with a $2.4 billion fortune. He founded the Beverly Hills, California based Platinum Equity LLC in 1995 with the intent to acquire non-core or under-performing divisions of Fortune 1000 corporations.[5] Over the past five years, the firm has averaged $8 billion to $12 billion annually in revenue with over 100 companies in a wide variety of industries. In 2009, Platinum Equity was recognized as one of the largest and fastest growing private companies in America by ranking #27 on Forbes’ Largest Private Companies list for 2009 [6] and #1 on the 2009 Los Angeles Business Journal list of LA's Largest Private Companies.[7]
Gores was on the April 2009 cover of the New York City-based Mergers & Acquisitions Journal magazine as its “Pro of the Year.”

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