Gores is the chairman and CEO of California-based Platinum Equity, a company he founded in 1995. In its 2010 list of the 400 richest people in the United States, Forbes placed Gores in a tie for 153rd with a net worth of US$2.4 billion.
The Pistons announced in April that Gores had agreed to buy the team from owner Karen Davidson. “We appreciate the approval of the board of governors and the support of (NBA) commissioner (David) Stern,” Gores said in a statement.
“I understand the importance of the trust that has been placed in us, and we're very excited to be a part of something as special as the NBA,” Gores added. “We can't wait to make a difference in Detroit. We look forward to getting to work right away.”
On Tuesday, Stern told The Associated Press: “We think Tom will bring renewed vigour and energy to that great franchise, and he's really very anxious to get going.”
