Tom Monaghan Net Worth

Net Worth:$400 Million
Date of Birth: March 25, 1937 (86 years old)
Gender:Male
Height:5 feet and 4 inches
Profession:Businessperson, and Entrepreneur
Nationality:United States of America

What is Tom Monaghan’s Net Worth?

Tom Monaghan is an American businessman and entrepreneur who has a net worth of $400 million. As a co-founder of Domino’s Pizza, he made his wealth. In 1998, when he sold Domino’s to Bain Capital for $1 billion, he was the only owner of the business.

Thomas Monaghan also owned the Detroit Tigers, an MLB team, from 1983 until 1992. Monaghan started concentrating his efforts on supporting orthodox Catholic causes after leaving Domino in 1998.

Early Life

On March 25, 1937, Tom Monaghan was born in Ann Arbor, Michigan. When he was four years old, his father passed away. He and his younger brother James were admitted to the St. Joseph Home for Children in 1943 as a result of his mother’s struggles to care for him alone.

From the age of six to twelve, Tom resided in the orphanage. The orphanage, which was run by the Felician Sisters of Livonia, encouraged Monaghan to convert to Catholicism.

Thereafter, he pursued his dream of becoming a priest by enrolling in St. Joseph’s Seminary.

Unfortunately, due to a number of disciplinary infractions, Monaghan was expelled from the school. He mistakenly enlisted in the US Marine Corps in 1956 when he really wanted to join the Army. He received an honorable discharge a few years later.

Domino’s Pizza

Tom enrolled at the University of Michigan after moving back to Michigan and started his pursuit of an architecture degree.

Tom and his brother James invested $500 in 1960 to purchase DomiNick’s, a modest pizzeria in Ypsilanti. To help with operations, they placed $500 down and obtained a $900 bank loan.

The store initially had trouble, but he eventually came up with a strategy to concentrate on delivery to college campuses.

He created a pizza delivery box that made it possible to transport multiple pizzas at once, and he gradually opened his businesses in college towns.

The original DomiNick’s owner ordered Tom to cease using his name in the growing business in the middle of the 1960s. Tom concurred and eventually decided on a new name:

Domino.

Monaghan famously exchanged his brother’s Volkswagen Beetle for his share of the business during those early years as the company grew.

He persisted in concentrating his efforts on delivering pizza to colleges, and he innovated once more, this time by developing a new insulated box that would stop the pies from being smashed when stacked.

Using a strictly monitored system of franchising, Monaghan was able to expand his company to a number of other college cities in the US, and by the middle of the 1980s, Domino’s franchisees were being opened on a daily basis.

The business kept developing, setting up shop in Canada’s Winnipeg in 1983 before branching out to the UK, Japan, China, the Dominican Republic, and numerous other nations.

Having owned Domino’s for 38 years, Monaghan retired from his post in 1998 and sold his 93% stake to Boston-based investment group Bain Capital. The transaction was valued at about $1 billion.

Detroit Tigers

With $53 million, Tom acquired the Detroit Tigers in 1983. The Tigers won the World Series one year later.

Ironically, Monaghan sold the Detroit Tigers for $85 million to Little Caesars Pizza entrepreneur Mike Ilitch in 1992.

Personal Life

In 1962, Monaghan wed Marjorie Zybach, whom he had met while delivering pizza. The couple has four daughters: Margaret, Mary, Susan, and Barbara.

Gyrene Burger Business

In 2011, Tom Monaghan opened Gyrene Burger Company, his second restaurant venture. In honor of Monaghan’s time spent serving in the Marines, the company used a military-themed delivery idea and provided rewards for veterans.

Prior to relocating to Knoxville, Tennessee, Gyrene had its flagship store in Naples, Florida. In the summer of 2018, the business shut down all of its outlets.

Here on Networthforum, we calculate all net worths using data drawn from public sources. We often incorporate tips and feedback from individuals or their representatives.

While we always strive to ensure that our figures are as accurate as possible, please note that they are only estimates, unless otherwise indicated.

This page is updated from time to time so that our readers will know the current net worth of Tom Monaghan. So feel free to check back for the current Tom Monaghan net worth in case of any update on his net worth.

Be the first to comment

Leave a Reply

Your email address will not be published.


*