Tom Gores’ acquisition of a 27% share in the Los Angeles Chargers has been officially sanctioned by NFL team owners during their fall meetings in Atlanta on Tuesday. This significant investment includes the 24% stake formerly owned by Dea Spanos Berberian, alongside an additional 1% purchased from each of her siblings, Dean Spanos, Alexis Spanos Ruhl, and Michael Spanos, primarily for estate planning reasons.
Gores, who is also the proprietor of the NBA team Detroit Pistons, expressed his enthusiasm about joining the Chargers’ ownership group. In a statement, he highlighted his admiration for Dean Spanos’ leadership within the NFL community, acknowledging the Spanos family and their legacy. He noted, “This opportunity to invest in the Chargers is one I value greatly, and I am eager to collaborate with Dean, Michael, and Alexis as we strive for championships. My passion for sports drives my commitment to this organization, both on and off the field.” Gores, aged 60, enjoys a substantial net worth of $11.8 billion, according to Bloomberg data, and is the founder of Platinum Equity, established in 1995 and based in Beverly Hills.
Gores’ investment follows the NFL’s decision to permit private equity funds to acquire stakes in teams, although this particular transaction is carried out independently from Platinum Equity. Despite holding over a quarter of the franchise, Gores will not be involved in day-to-day operations of the Chargers and does not have a clear pathway to a controlling share. The Spanos family retains a significant 69% interest in the franchise, with an additional 4% that belongs to historical owners from the franchise’s inception in San Diego.
The Chargers were acquired by Alex Spanos in 1984, and his son Dean took over management responsibilities in 1994. The approval from NFL owners effectively concludes a contentious three-year legal battle involving Spanos Berberian and her siblings. In 2021, she initiated a lawsuit against the Chargers’ controlling owner, Dean Spanos, alleging breaches of fiduciary duty related to the Spanos Trust, aiming to compel a sale of the franchise. The following year, she pursued another lawsuit, accusing her brother of “misogynistic” practices, “self-dealing,” and ongoing “breaches of fiduciary duty.”
As part of the recent sale agreement, Spanos Berberian has consented to settle her disputes with her family and the Chargers organization. The Spanos family released a statement underscoring that both Faye and Alex Spanos wished for the Chargers to remain an integral part of their family heritage, ensuring that the team continues to be managed under the oversight of Dean Spanos and his siblings Alexis and Michael moving forward.