Pistons
fans have been making excuses for the lackluster performance of their team
during much of the season, largely because of the uncertainty associated with
the protracted sales negotiations, which began last July. But few would argue
that if anyone is to be blamed for the team’s steady decline (in the 2009-2010
season, they won only 27 of 82 games), it is coach John
Kuester, who during his three-year tenure has failed to instill in his players
the discipline and toughness that make them winners.
Tom Gores’ deal for the Pistons, which is still awaiting
NBA approval, also includes the Palace of Auburn Hills, a sports and
entertainment complex that houses the multi-use stadium where the Pistons play
and DTE Energy Music Theatre, a 15,000-seat entertainment venue. When ownership
of the Pistons passes to Gores from longtime owner Karen Davidson, he will
become the fourth owner of the struggling team.
Gores, who resides with his wife and three children in Beverly
Hills, California, is a Michigan State University graduate who grew up in
Flint, a Michigan city that – like neighboring Dearborn – is home to a large
concentration of Arab-Americans.
His company, Platinum Equity, was founded in Los Angeles 16 years
ago, and now has over
$30 billion in aggregate revenue across a diversified roster of companies. The
firm’s portfolio — concentrated in industry, manufacturing, information
technology, logistics, telecommunications, and media and communications —
includes holdings as diverse as US Robotics and the
newspaper. Gores, with a net worth of $2.4 billion, is listed by magazine as the 153
richest person in America.
“I’m very proud to have
this opportunity to be part of such a tremendous organization,” Gores told
reporters. “I know it’s been a long process, and I appreciate the patience and
support of the Detroit community. I have been impressed with the Davidson
family and the way it has protected and built such a storied franchise,” he
said, adding: “I grew up here, and I am glad to be back and I am very excited
about all the possibilities looking forward.”
Early
in his career, Gores was an active investor in smaller businesses, where
companies often trade principally on their good word and ability to follow
through on what they promise. Since moving to California and establishing
Platinum, Gores continued to embrace this business philosophy while packaging
exponentially larger transactions which – within just four years of its
founding — earned Platinum recognition by as one of America’s
“Largest Private Companies.”
David
Stern, commissioner of the NBA, delivered a cautious endorsement of the Pistons
sale in an email to the press: “We are pleased that Karen Davidson has found a
worthy successor for ownership of the Pistons and we are looking forward to
introducing Tom Gores to the Advisory/Finance Committee at next Thursday’s
meeting.”
