Posted on Sep 27
Pistons owner Tom Gores to purchase 27% stake in Chargers pending NFL approval
u/alex •
Detroit Pistons owner Tom Gores has agreed to purchase a 27% share of the Los Angeles Chargers, pending final approval from NFL owners.
Why it matters: This transaction marks the first known instance of a private equity firm acquiring a passive stake in an NFL franchise, following the league's recent approval of such investments.
What's new: The deal includes the 24% owned by Dea Spanos Berberian and 1% owned by other Spanos siblings. Gores will have no governance rights over the team, and Dean Spanos will retain complete control with a 69% ownership.
Yes, but: The sale is contingent on the resolution of lawsuits filed by Berberian, who accused Dean Spanos of "misogynistic" behavior and breaches of fiduciary duty. As part of the agreement, Berberian will drop her lawsuits against the team.
What to watch: NFL owners are expected to discuss and vote on the approval of the transaction at the upcoming league meetings in Atlanta next month.
What's next: If the sale receives final approval, Gores will become a significant minority owner of the Chargers, expanding his sports portfolio beyond the NBA's Detroit Pistons.
The bottom line: The partnership between Tom Gores and the Spanos family signifies a notable development in the NFL's ownership landscape, allowing for increased investment opportunities and potential growth for franchises.