Tom Gores, Pistons Owner, Has Acquired A 27 Percent Share Of The Chargers
Posted on September 28, 2024
Tom Gores, the owner of the Detroit Pistons, has purchased a 27 percent share of the Los Angeles Chargers, according to various reports.
The team’s majority owners, the Spanos family, have been haggling for a period of time over the team’s financial direction.
The late Alex Spanos purchased his interest in the Chargers from Gene Klein for $72 million in 1984. Forbes’ latest valuation of the franchise is $5.1 billion, which is up 23 percent over a year.
When Spanos died in 1984 each of his four children were awarded 15 percent of the franchise, with the remainder, save 3 percent owned by the Pernicano family, going into the Spanos family trust.
But since the team moved from San Diego to L.A. in 2017, it hasn’t been smooth sailing for the Spanos clan.
Dea Spanos Berberian, one of the Spanos offspring, filed a petition in L.A. Superior Court requesting a sale of the team. Her contention was that her brother, Dean Spanos, the team’s principle owner, was negligent with his fiduciary duties in its relationship to the family trust.
Sportico reported that Gores is purchasing Berberian’s 24 percent, which includes her personal and trust shares, and 1 percent from each of the other Spanos siblings. The purchase price has yet to be disclosed.
Gores, according to Forbes, is worth $9.4 billion and at one-time his Platinum Equity firm owned the San Diego Union-Tribune.
The Chargers no longer call San Diego home, but they will have a new player in the executive suite. It’s not expected, though, that Gores will have control of the franchise, with that remaining with the Spanos family.
The deal would still need the approval from the other NFL owners.
The Chargers face the Kansas City Chiefs on Sunday at SoFi Stadium, the venue the team rents from Rams owner Stan Kroenke.
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