More than a quarter stake in the Los Angeles Chargers, which has essentially been a family business for decades, will be sold to an NBA owner in the coming weeks, according to reports.
As first reported by Ben Fischer and Chris Smith of Sports Business Journal, Tom Gores and his wife, Holly, will purchase 27% of the Chargers. The Gores are current majority owners of the NBA’s Detroit Pistons.
As pointed out by Pro Football Talk’s Mike Florio, the minority stake would not include any controlling interests, and no path to that. It is simply a business investment and Tom Gore would have little-to-no day-to-day involvement in team operations.
Florio said the stake is in essence the stake that belonged to Dea Spanos Berberian, the sister of Dean Spanos, who controls the team operations. Dea and Dean have been involved in multiple legal disputes over the direction of the franchise, including its controversial 2017 move to L.A. from San Diego.
Gores became majority owner of the Pistons’ parent company in 2011 and purchased the remaining shares in 2015. It’s not currently known what he agreed to pay for the 27% stake in the Chargers, but it’s likely more than $1 billion.
According to Forbes, Gores’ net worth is likely more than $9 billion.