Tom Gores, the owner of the Detroit Pistons, has made a significant move by agreeing to purchase a 27% stake in the Los Angeles Chargers, according to sources familiar with the deal. This acquisition, although not yet officially announced by the team, is anticipated to receive approval from NFL owners at their upcoming league meetings in Atlanta. The purchase was first reported by Sports Business Journal.
Gores is set to buy the 24% share currently held by Dea Spanos Berberian, which includes a 9% portion within a family trust having a 36% stake in the team. Additionally, he will acquire 1% each from shares owned by Dean Spanos, Alexis Spanos Ruhl, and Michael Spanos for estate planning purposes. This transaction resolves a longstanding dispute between Spanos Berberian and her siblings, culminating in lawsuits over fiduciary duty and alleged misconduct within the ownership.
The sale marks a significant milestone following the passing of Alex and Faye Spanos in 2018, leaving Dean Spanos and Berberian as co-trustees of the trust. Financial statements from 2021 revealed that the trust’s stake in the Chargers constitutes 83% of its assets. With a reported net worth of $11.8 billion, Gores, who founded Platinum Equity in 1995, is making this purchase independently and not through his equity firm.
Although Gores will hold more than a one-quarter stake in the Chargers, he will not be involved in the team’s day-to-day operations nor have a pathway to a controlling stake. The majority ownership still lies with the Spanos family, with legacy owners from the franchise’s early San Diego days holding a 4% stake. The Chargers, which relocated to Los Angeles in 2017, maintain a substantial debt load due to their move and related agreements with the NFL.
The valuation of the Chargers’ franchise averages at approximately $5.38 billion based on recent estimates from Forbes, Sportico, and CNBC. Dean Spanos assumed control of the Chargers in 1994 after his father, Alex Spanos, acquired the team in 1984. Gores’ purchase follows the NFL owners’ recent decision to allow private equity funds to buy stakes in teams, ushering in a new era of ownership dynamics within the league.
