Despite owning more than a quarter of the shares, Tom Gores will have no role in the <a href="https://www.archysport.com/2022/01/nfl-raiders-defeated-chargers-in-final-play-in-overtime/" title="NFL: Raiders defeated Chargers in final play in overtime”>Chargers‘ day-to-day business or a path to a controlling stake.
The purchase of 27% of Los Angeles Chargers on the part of Tom Gores was approved by the team owners of the NFL Tuesday during the league’s fall meetings in Atlanta.
Tom Goreswho also owns the Detroit Pistons of the NBAbought 24% of the shares owned by Dea Spanos Berberian, which includes 9% that is in a family trust that has a 36% stake in the team. He also purchased 1% of the shares owned by Dean Spanos, Alexis Spanos Ruhl and Michael Spanos for estate planning purposes.
“It is a privilege to join the group of owners of the Chargers and become part of the NFL. “I have great respect for Dean’s leadership throughout the NFL community, the Spanos family and his legacy,” Gores said in a statement. “I am grateful for the opportunity to invest in the Chargers and look forward to partnering with Dean, Michael and Alexis on our shared commitment to competing for championships. “I am passionate about sports and am proud to be part of an organization dedicated to winning on and off the field.”
Gores, 60, has a net worth of $11.8 billion, according to Bloomberg. In 1995, he founded Platinum Equity, which is based in Beverly Hills.
The purchase of Tom Gores occurs after September 1 NFL owners They will approve allowing private equity funds to buy stakes in the teams. However, this is a Gores purchase and is not affiliated with Platinum Equity.
Despite owning more than a quarter of the shares, Gores will not have a role in the day-to-day business of the Chargers nor a path towards controlling participation. The Spanos family owns 69% of the Chargers and the remaining 4% is controlled by owners inherited from the franchise’s early days in San Diego.
Alex Spanos purchased the San Diego Chargers in 1984 and Dean Spanos took over management of the franchise in 1994.
The approval of the league owners ends a bitter three-year dispute between Spanos Berberian and his brothers. Spanos Berberian filed a lawsuit against Chargers controlling owner Dean Spanos in 2021, alleging a breach of fiduciary duty by the Spanos Trust and attempted to force a sale.
He filed another lawsuit in 2022 accusing his brother of “misogynistic” behavior, “self-interest,” and repeated “breaches of fiduciary duty.”
As part of the sale, Spanos Berberian agreed to resolve his disputes with the family and the franchise.
“Faye and Alex Spanos fervently wanted the Chargers to always be a vital part of their family’s legacy. This ensures that the franchise will remain permanently under the control of Dean Spanos and his brothers Alexis and Michael,” the Spanos family said in a statement.
