Platinum Equity’s Flashy Billionaire Is Testing Fans' Loyalty
Tom Gores built his private equity firm into a $50 billion powerhouse. Now it’s in a fight to show this industry’s old way of doing business still works.
Detroit Pistons owner Tom Gores during a game against the Los Angeles Lakers at Crypto.com Arena.
Photographer: Katelyn Mulcahy/Getty Images
Tom Gores has many of the spoils you’d expect of a self-made private equity billionaire: an NBA team, a Los Angeles mansion and a glitzy Beverly Hills office where he can throw parties for his friend Leonardo DiCaprio.
But it’s that ownership of the Detroit Pistons that may be nearest to the heart of this proud son of Michigan. Back in May, as the team was ending its best season since 2008, he praised supporters for sticking by them through the bad times.