[9] In 1993, he established the Citizens' Union for the Republic (Bulgarian: Гражданско обединение за републиката), which was initially not envisioned as a political party.

[13] In 1996, Tomov was a candidate to become President of Bulgaria (with Lyudmil Marinchevski as his running mate) and finished in fourth place, earning 3.16% of the votes cast.

[16] In 2009, Tomov came under legal scrutiny due to allegedly abusing his position during his time as chairman of the managerial board of Kremikovtzi.

[17] In early 2011, the Sofia City Court found Tomov guilty of siphoning off money (15 million leva) from Kremikovtzi, imposing a prison sentence.

[17][19] He was instrumental in bringing Indian businessman Pramod Mittal to Bulgaria in relation to a number of Kremikovtzi deals.

[22] In the summer of 2008, Tomov was blamed by some sections of the reds' supporters due to the team not receiving a license for European club competitions.

[25][26] He has been against the idea of a deliberate declaration of insolvency and the creation of a new unofficial successor company as a solution to the debts accumulated by the club.

[28] Tomov's sister, Tatyana, is an academic at Sofia University whose area of expertise covers the social policies of European countries.