New Era for the Los Angeles Chargers
In a significant move, NFL team owners have given the green light to Tom Gores’ acquisition of a 27% stake in the Los Angeles Chargers. This development marks a new chapter for the franchise, as Gores, owner of the NBA’s Detroit Pistons, becomes a key player in the Chargers’ ownership group.
A Billionaire with a Passion for Sports
Gores, 60, boasts an impressive net worth of $11.8 billion, according to Bloomberg. His entrepreneurial spirit is evident in the success of Platinum Equity, a Beverly Hills-based firm he founded in 1995. While this purchase is a personal investment and not affiliated with Platinum Equity, it demonstrates Gores’ commitment to the world of sports.
A Strategic Move
The approval of Gores’ purchase comes on the heels of the NFL’s decision to allow private equity funds to buy stakes in teams, announced on September 1. This move marks a significant shift in the league’s approach to ownership and investment. Notably, Gores’ acquisition will not grant him a role in the Chargers’ daily operations or a path to a controlling stake.
Resolving a Family Feud
The sale brings an end to a bitter three-year dispute between Dea Spanos Berberian and her siblings. Berberian had filed lawsuits against Dean Spanos, alleging breach of fiduciary duty and seeking to force a sale. As part of the agreement, she has agreed to resolve her disputes with the family and the franchise.
The Spanos Family Legacy
The Spanos family has a rich history with the Chargers, dating back to 1984 when Alex Spanos purchased the San Diego Chargers. Dean Spanos took the reins in 1994, and the family has remained committed to keeping the franchise within their control. This sale ensures that the Chargers will remain under the control of Dean Spanos and his siblings, Alexis and Michael.
A New Chapter for the Chargers
Gores’ statement reflected his enthusiasm for joining the Chargers ownership group, praising Dean Spanos’ leadership and the Spanos family’s legacy. With this new partnership, the Chargers are poised to continue their pursuit of championships, both on and off the field.
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