Greg Krupa of The Detroit News wrote an excellent feature on potential Pistons owner Tom Gores. An excerpt:
"He is actually one of the brightest guys in private equity," said Erik Gordon, a professor of entrepreneurial studies and strategy in the Ross School of Business at the University of Michigan. "He’s not a Wall Street wizard, though. He’s an operational guy. He likes to get inside of a company and fix it.
"Some of these guys are sort of fancy financial wizards who borrow someone else’s money and do a lot of financial fancy footwork. Gores and his people learn about the companies they buy; they learn about the industry they’re in. And they actually try to make the companies better companies."
With characteristic contrariness, he seemed poised to purchase automotive supplier Delphi in 2009, before creditors looked at his plans, realized the company was more valuable than they had realized and bought it themselves. Gores exited, with his offer and plans largely on the table.
Maybe it’s just because I’m from Flint (where Gores moved when he was 4), but Gores might be my favorite of the Pistons’ prospective buyers.
I’ve covered why I think the popular candidate, Mike Ilitch, would be only a good, not great, owner for the Detroit Pistons. Maybe it’s because I don’t know as much about Gores as I do Ilitch, but it’s tough not to be excited about Gores.
Who would you like to see buy the team? You better choose a side quickly. Tom Walsh of the Detroit Free Press writes the Pistons very well could be sold soon.