FLINT, Mich. -- Tom Gores, a Flint native and owner of the Detroit Pistons, is pledging to raise $10 million to address the short- and long-term needs of his Michigan hometown, where the drinking water is contaminated with lead.

Gores said in a statement Thursday that he's appointed two associates to raise money from other business leaders and identify priorities in Flint.

Gores, who is chairman of Los Angeles-based Platinum Equity, also will contribute. He says Flint once was a "cornerstone of American industry" and that people "from coast to coast" need to step up.

Pistons vice chairman Arn Tellem and Platinum Equity partner Mark Barnhill will lead the effort.

Barnhill says the residents' immediate needs are important but that long-term opportunities in Flint will also be explored, such as small business assistance.