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A Revolution in the NFL: Tom Gores’ Stake Acquisition in Los Angeles Chargers

Tom Gores’ Stake Acquisition Approved

The NFL team owners gave their approval for Tom Gores’ acquisition of a 27% stake in the Los Angeles Chargers. This approval came during the NFL’s autumn meetings held in Atlanta. Gores, also known for owning the Detroit Pistons of the NBA, purchased the 24% share previously held by Dea Spanos Berberian, inclusive of a 9% stake present in a family trust, which holds a 36% stake in the team. Additionally, Gores acquired 1% each from shares owned by Dean Spanos, Alexis Spanos Ruhl, and Michael Spanos, intending to serve estate planning purposes.

“A Privilege to Join the Chargers” – Gores

Expressing his enthusiasm about joining the Chargers, Gores stated that it was an honor to become a part of the Charger’s ownership group and the NFL community. He expressed deep respect for Dean’s leadership, the Spanos family, and their legacy. He conveyed his gratitude for the opportunity to invest in the Chargers, and his eagerness to join forces with Dean, Michael, and Alexis in pursuing championships. Gores, being a sports enthusiast, is excited to join an organization that cherishes the spirit of winning both on and off the field.

Gores’ Net Worth and Professional Background

Gores, aged 60, has an estimated net worth of $11.8 billion according to Bloomberg. He is the founder of Platinum Equity, a company established in 1995 with its headquarters located in Beverly Hills. His acquisition follows the NFL owners’ approval on September 1 to allow private equity funds to buy stakes in teams. However, it should be noted that this acquisition is a personal investment by Gores and not associated with Platinum Equity.

Despite owning more than a quarter of the stake, Gores will not be involved in the Chargers’ daily operations or have a pathway to a controlling stake. The Spanos family holds a 69% stake in the Chargers, while 4% is controlled by legacy owners from the franchise’s early San Diego days.

Alex Spanos’ Era and the Lawsuits

Alex Spanos purchased the San Diego Chargers in 1984, and Dean Spanos took over the franchise management in 1994. This approval by league owners brings an end to a contentious three-year disagreement between Spanos Berberian and her siblings. In 2021, Spanos Berberian filed a lawsuit against Chargers controlling owner Dean Spanos that alleged breach of fiduciary duty by the Spanos Trust and tried to force a sale. She filed another lawsuit in 2022 accusing her brother of “misogynistic” behavior, “self-dealing” and repeated “breaches of fiduciary duty.”

Resolution of Disputes and Family Statement

As part of the sale agreement, Spanos Berberian agreed to settle her disputes with her family and the franchise. The Spanos family confirmed in a statement that Faye and Alex Spanos had always desired for the Chargers to remain a crucial part of their family’s legacy. The recent acquisition ensures that the franchise will stay permanently under the control of Dean Spanos and his siblings Alexis and Michael.