Getting to know Tom Gores: Prospective Pistons owner once tried to purchase Delphi

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 post as many articles I can find about the man who may or may not be the next Pistons owner.

If Tom Gores becomes the next Pistons owner, it won’t be the first time he attempted to turn around a struggling franchise. He’s invested in the struggling newspaper industry, buying the San Diego Union Tribune and attempting to purchase the Boston Globe. And in 2009, he tried to purchase Delphi out of bankruptcy. From Signs on San Diego:

Platinum, run by turnaround investor Tom Gores, said it lined up $3.6 billion for “emergence capital and capital commitments” to bring Delphi out of bankruptcy …

“We know the business very well and understand its potential,” Gores said in a statement. “Despite the obvious challenges facing the auto industry, we are excited at the opportunity to be a part of its renewal.”

Platinum Equity’s bid ended up losing out to Delphi’s creditors.


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