HEADLINES

Alex Spanos

Tom Gores To Purchase Minority Share Of Chargers

October 6th, 2024 at 4:37pm CST by Adam La Rose

Dean Spanos is set to remain the Chargers’ controlling owner, but his siblings will soon have their respective shares in the team bought out. A deal is in place for Detroit Pistons owner Tom Gores to buy a 27% stake in the franchise, as detailed by ESPN’s Kris Rhim and Michael Rothenstein.

That share encompasses the 24% stake owned by Dea Spanos Berberian as well as the 1% shares which cover part of Dean’s share as well as the other Spanos siblings, Michael and Alexis Spanos Ruhl. The transaction – which is expected to be on the agenda during the October league meeting – still needs to be approved by the league’s owners. Provided it does, it will bring to an end legal issues which have taken place over the past several years related to the Bolts’ ownership situation.

Spanos Berberian filed multiple lawsuits dating back to 2021 in an attempt to force Dean to sell the franchise. Those suits (which cited increasing family debt as a reason to sell) drew angst among the rest of the family, although Dean had pledged in a letter two years earlier to retain an investment bank which would assist in a sale following the 2024 campaign. That will not be taking place, but a notable cash infusion is set to be received. Spanos Berberian’s suits, per the report, will be dropped as a condition of this agreement.

No details on the valuation of the Chargers is known at this point as it pertains to this agreement, but even a non-controlling share figures to check in at a massive figure given how NFL franchises have exploded in value recently. The most recent example of that trend is the sale of the Commanders, which led to Josh Harris spending $6.05 billion to purchase the team last summer.

Notably, the deal is set to be finalized not long after the NFL’s recent decision to allow private equity firms to buy minority stakes in franchises. That move brought the league in line with other North American pro sports operations, and Gores bought out Platinum Equity’s share in the Pistons in 2015 when he took over full control of that organization. Platinum Equity will not be involved in this transaction, however, per the ESPN report; Gores will individually become a minority owner.

Alex Spanos bought the then-San Diego Chargers in in 1984, and Dean took over one decade later. The latter’s tenure has, of course, primarily been defined by the franchise’s move to Los Angeles in addition to the legal battle involving his siblings. Those will be put to rest once the sale is ratified, though, and Spanos will be positioned to remain the controlling owner for the foreseeable future.

Chargers Owner Alex Spanos Passes Away

October 9th, 2018 at 9:47pm CST by Ben Levine

The Los Angeles Chargers announced the death of their owner, Alex Spanos, earlier today. He was 95 years old.

“Alex Spanos is an American success story, driven by a tireless work ethic inspired by humble beginnings as the son of Greek immigrants,” said commissioner Roger Goodell. “Alex became one of the country’s most successful businessmen, but he never forgot his roots and the call to help others. Along with Faye, his beloved wife of nearly 70 years, Alex’s philanthropic and civic contributions touched many lives throughout California and around the country.

“He was a marvelous friend and partner, whose impact on the NFL will never be forgotten. We all benefited from Alex’s compassion, character and zest for football and life. On behalf of the entire NFL family, we extend our deepest condolences to Dean, the entire Spanos family and the Chargers organization.”

Spanos purchased 60-percent of the Chargers for $70MM back in 1984, and he eventually worked his way up to 97-percent ownership of the organization. The team won the 1994 AFC Championship, and they made the playoffs nine times since Spanos took over. The owner turned over day-to-day operations to his son back in 1994, although he still played a major role in the business aspects of the organization. His son, Dean Spanos, is currently the team’s chairman and controlling owner.

It sounds like this will continue to be the case. Sam Farmer of the Los Angeles Times tweets that Spanos’ death won’t impact the ownership of the organization. The death also won’t effect “what type of stake the family will have in the franchise moving forward.”

We at PFR offer our thoughts and condolences to Spanos’ friends and family.