Private equity mogul Tom Gores purchased a 27 percent stake of the Los Angeles Chargers from the Spanos Family, the NFL confirmed on Thursday.
Owners voted in favor of the transaction to bring to a close a years-long tiff between siblings.
Gores owns the NBA’s Detroit Pistons and the 60-year-old is the former owner of the San Diego Union-Tribune newspaper. The founder of Platinum Equity headquartered in Beverly Hills, Calif., has a net worth of more than $11 billion according to Forbes.
Gores’ purchase includes a 1 percent stake from Dean Spanos, Alexis Spanos Ruhl and Michael Spanos for estate planning purposes. He also bought 24 percent from Dea Spanos Berberian in a transaction the Chargers said would help the Spanos Family, which owns 69 percent of the franchise after the approval of Gores’ buy-in, maintain long-term control of the franchise.
Spanos Berberian sued Dean Spanos in 2021 for “breach of fiduciary duty” to the trust in an attempt to force the Chargers to be sold.
“This transaction ensures that the franchise will remain permanently under the control of Dean Spanos and his siblings Alexis and Michael. The entire Los Angeles Chargers family welcomes Tom Gores to our team,” the Chargers said in a statement.
Alex Spanos purchased the Chargers in 1984 and Dean Spanos took oversight of the franchise 10 years later.
Gores has no plans for direct involvement or any titled role with the Chargers.
“It’s a privilege to join the Chargers ownership group and become part of the NFL. I have great respect for Dean’s leadership throughout the NFL community, the Spanos family and its legacy,” Gores said in a statement. “I’m grateful for the opportunity to invest in the Chargers and I look forward to partnering with Dean, Michael and Alexis in our shared commitment to compete for championships. I’m passionate about sports and proud to become part of an organization dedicated to winning on and off the field.”
–Field Level Media