Tom Gores’ acquisition of a 27% share in the Los Angeles Chargers was approved by NFL team owners on Tuesday during the league’s fall meetings in Atlanta.
Gores, who also owns the NBA’s Detroit Pistons, bought the 24% share from Dea Spanos Berberian, which includes 9% held in a family trust that owns 36% of the team. He also purchased 1% each from Dean Spanos, Alexis Spanos Ruhl, and Michael Spanos for estate planning reasons.
“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.”
Gores is 60 years old and has a net worth of $11.8 billion, according to Bloomberg. He founded Platinum Equity in 1995, which is based in Beverly Hills.
Gores’ purchase follows the NFL’s decision on Sept. 1 to allow private equity funds to buy shares in teams. However, this transaction is by Gores personally and not through Platinum Equity.
Even with his more than one-quarter share, Gores will not be involved in the day-to-day operations of the Chargers and does not have a path to a controlling interest. The Spanos family holds 69% of the team, with 4% managed by legacy owners from the Chargers’ early days in San Diego.
Alex Spanos bought the San Diego Chargers in 1984, and Dean Spanos took over managing the team in 1994.
The approval of this sale resolves a bitter three-year conflict between Spanos Berberian and her siblings. She had filed a lawsuit against Dean Spanos in 2021, alleging breach of fiduciary duty by the Spanos Trust and trying to force a sale.
In 2022, she filed another lawsuit accusing her brother of “misogynistic” behavior and repeated breaches of fiduciary duty.
As part of the sale, Spanos Berberian agreed to settle her disputes with the family and the franchise.
“Faye and Alex Spanos fervently wished that the Chargers would always be a vital part of their family’s legacy. This ensures that the franchise will remain permanently under the control of Dean Spanos and his siblings Alexis and Michael,” the Spanos family stated.
