Getting to know Tom Gores: Potential Pistons owner and his brother, Alec Gores, were among the wealthiest Angelinos in 2010
Dan linked to an article yesterday with some history of Tom Gores’ family and business ties. It went over well. But the internet is a big place, so today I’ll link as many articles I can find about the man who may or may not be the next Pistons owner.
We know Tom Gores is wealthy. Poor people don’t buy basketball teams. But how wealthy? He came in at No. 12 on the Los Angeles Business Journal’s list of 50 Wealthiest Angelinos in 2010. The reported his net worth at about $2.4 billion:
Sometime producer bidding with billionaire brother Alec for Walt Disney’s Miramax film division. Despite successes, attracted more attention in past year for high-profile failures. Last summer, Platinum reached multibillion-dollar deal to buy bankrupt auto parts maker Delphi Corp. that was thrown out in favor of separate deal negotiated by Delphi’s creditors. Platinum also made play for Boston Globe before newspaper’s parent decided not to sell. Platinum already in newspaper industry after March 2009 purchase of San Diego Union-Tribune. Born in Israel, raised in Flint, Mich., Gores attended Michigan State University. Joined brother Alec’s private equity firm Gores Group before splitting off in 1995 to form Platinum, which has completed nearly 100 acquisitions. Known to put own money into Platinum’s deals.
But he’s not the only Gores brother who is a success. Brother Alec was not far behind him on the list, coming in at No. 19 and worth a reported $1.82 billion:
Sometimes spotted courtside at Lakers games with pal Sylvester Stallone, Gores is looking to enter the movie industry. Bidding in partnership with billionaire brother Tom for Walt Disney’s Miramax film division against financial heavyweights including Ron Burkle and Ron Tutor. Born in Israel, raised in Flint, Mich., Gores graduated from Western Michigan University. Started in tech industry selling computers from home and founded private equity firm, originally called Gores Technology Group, in 1987. Firm, which specializes in buying and strengthening mature companies, has $2.7 billion under management and has acquired 60 companies worldwide. Besides money locked up in firm’s two funds, wealth mostly in stocks, municipal bonds and several L.A.-area homes.
A third brother, Sam Gores, is a Hollywood agent, and a pretty successful one. But don’t take my word for it, here’s Morpheus himself Laurence Fishburne in the L.A. Times:
“He is the most un-agent-like agent in the business because he’s a human being first,” said actor and longtime Paradigm client Laurence Fishburne. “Sam is working for me in ways that I have no idea about until it happens.”
They’re so Jerry and Rod. But seriously, that’s about as high-achieving as a trio of brothers can get. Wait to make me ashamed of my two brothers, Gores family.
- Will Tom Gores’ family connections concern the NBA?
- Tom Gores once tried to purchase Delphi
- Tom Gores is from Genesee Township, not Flint
Leave a Reply