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The Los Angeles Chargers have had mixed success on the pitch since returning to the City of Angels in 2017, but now off the pitch, the team find themselves in the midst of a family feud over the ownership’s future. of the team in play.
Controlling owner Dean Spanos faces a legal challenge from his sister Dea Spanos-Berberian to force the sale of the team. Both are co-directors of the Spanos Family Trust which controls 36% of shippers. The four children of late owner Alex Spanos – Dean, Dea, Alexandra Spanos Ruhl and Michael Spanos – each own 15% of the team.
The family trust, which would be in debt, cannot honor its commitments for its charitable contributions. So Spanos-Berberian argues that the only way the trust can pay off that debt is to sell its share of the team.
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Dean refuses to consider a sale of the Chargers’ Trust interest, insisting that the co-trustees continue to borrow more and more, and forcing charities and beneficiaries to wait years and years. ‘hope’ while Dean speculates more about a football team, ”according to the Los Angeles Times, according to the Spanos-Berberian court file.
Spanos’ sister claims he “has not presented any plan to remedy the Trust’s dire financial situation because there is no other plan … His plan is hope.”
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According to Spanos-Berberian, debts and expenses exceed $ 353 million.
Dean Spanos has reportedly agreed to hire an investment bank at the end of the 2024 season to find a new owner for the team, but his sister maintains the debt is so high the trust can’t wait.
After 56 seasons in San Diego, the team are struggling to find their fan base in Los Angeles. The Chargers started in Los Angeles in the old AFL in 1960 and played their season before moving south.
With quarterback Justin Herbert as the face of the franchise in the near future, the Chargers are certainly an attractive team to buy. The move to Los Angeles is another reason someone like Jeff Bezos might be interested in buying the team.
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Forbes recently valued the Chargers at $ 2.6 billion. Spanos-Berberian says the team is a “rare trophy asset” and says “the price a buyer is willing to pay is often not dictated by any economic metrics.”
Since the NFL recently agreed to a new media rights deal that could be worth more than $ 10 billion a year, Spanos-Berberian says the Chargers “will definitely attract potential buyers.”
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