Tom Gores Set to Acquire 27% Stake in LA Chargers
Tom Gores, billionaire owner of the Detroit Pistons, has reportedly reached an agreement to acquire a 27 percent stake in the NFL’s Los Angeles Chargers. The news was first reported by the Sports Business Journal (SBJ).
Gores’ purchase will primarily come from buying out Dea Spanos Berberian’s 24 percent interest in the franchise, which includes her individual 15 percent stake and her nine percent share of a family trust that collectively holds 36 percent of the Chargers. Additionally, Gores is set to acquire a one percent stake from each of the other Spanos siblings—Michael Spanos, Alexis Spanos Ruhl, and Dean Spanos, the team’s principal owner.
Once the transaction is complete, Gores will hold a 27 percent share of the Chargers, while the remaining Spanos siblings will each retain 24 percent. This move will position Gores as one of the largest non-family owners of an NFL franchise.
The deal is still pending final approval from the NFL’s franchise owners, with a vote expected at an upcoming meeting next month. Financial details of the transaction have not yet been publicly disclosed. Last month, Forbes valued the Chargers at $5.1 billion, ranking them as the 20th most valuable NFL team.
If the deal proceeds, it could potentially resolve a longstanding legal feud between Dea Spanos Berberian and her siblings. In 2021, Berberian filed a petition in Los Angeles County Superior Court seeking to force a sale of the Chargers. The following year, she launched a lawsuit accusing her brother, Dean Spanos, of misogynistic behavior and breaches of fiduciary duty. According to ESPN, Gores’ acquisition would result in Berberian dropping all lawsuits against her brother and the franchise.
Berberian had been exploring options to sell her stake in the team since last year. Initially, Clearlake Capital co-founders Behdad Eghbali and Jose Feliciano were linked with a potential deal, but negotiations reportedly fell through due to disagreements over control of the team.
According to SBJ, Gores will not have any formal input in the governance of the league or the team as part of this acquisition. This investment is regarded as a personal venture for Gores and does not involve his private equity firm, Platinum Equity, which was notably absent from the list of firms permitted to invest in NFL teams.
Gores, 60, has a net worth of $9.4 billion, according to Forbes. He originally acquired the NBA’s Detroit Pistons in 2011 for $325 million, along with Platinum Equity. Four years later, he bought out the firm’s stake to take full ownership of the franchise. SBJ reports that Gores’ investment in the Chargers will not impact his position with the Pistons.