Self-made billionaire Tom Gores will buy 49 percent of the Detroit Pistons from Platinum Equity. The purchase, first reported by Bloomberg Business, will give Gores 100 percent ownership of the Pistons, as he has owned 51 percent of the franchise since 2o11.
Gores, a Flint, Mich., native, received a scholarship to Michigan State University, where he earned a bachelor’s degree in construction management. In 1995, he founded Platinum Equity, an investment firm that has found tremendous success in its 20-year existence. It now employs more than 50,000 people and is brings in a cool $12 billion in revenue.
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Gores seems to be impressed by his latest hire, Pistons’ head coach and president of basketball operations Stan Van Gundy.
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In an interview with Vincent Ellis of the Detroit Free Press he said, “That’s something I’m very happy about. Stan is his biggest critic. I’m happy with him as a coach. I’m also very happy with him as a president of basketball ops.”
However the respect and admiration is not a one-way street, as Van Gundy has shown appreciation and respect for the time and effort Gores puts into the franchise on multiple occasions.
However, the biggest winner of this purchase could be the people of Michigan. Gores has been devoted to helping Michigan get back on its feet after it fell on hard times in 2008.
In 2011, when Gores first bought a majority stake in the franchise, he was interviewed by C Suite Quarterly where he mentioned that his goal was not just to get the Pistons back on their feet but the people of Michigan as well.
He said, “We’re going to find a way to deliver — not just bring the Pistons back, but help Michigan get back on track, too.”
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