Chargers co-owner wants team sold to relieve debt in NFL family feud

[Yo_Mama_Been_Loggin]

The sister of Los Angeles Chargers chairman Dean Spanos is trying force the sale of the team because of mounting debt and said team ownership can’t afford to keep borrowing money and “hope” while Spanos speculates further on a football team, according to a lawsuit filed Thursday.

Dea Spanos Berberian filed the suit and is one of four Spanos siblings who control the Spanos Family Trust, which in turn owns 36% of the franchise. Each sibling owns an additional 15% of the franchise, giving the family nearly 100% ownership.

The suit said the trust’s debts and expenses exceed $353 million and that the trust has “virtually no income and no liquidity.” It also said the trust is liable for over $22 million pledged to charities.

The Trust’s Interest in the Chargers must be sold so that debts can be discharged, the hemorrhaging can stop, the speculation and risk can be eliminated, and the beneficiaries can actually enjoy the benefit of their inheritance as the settlors intended,” said Berberian’s petition, obtained Thursday by USA TODAY Sports.

https://www.msn.com/en-us/sports/nfl/chargers-co-owner-wants-team-sold-to-relieve-debt-in-nfl-family-feud/ar-BB1fdtQH?li=BB15ms5q

[underpants]

1. How can you possibly lose money owning an NFL team?

That and beer distributors are like printing money. Chic fil a too but on a smaller scale.

[multigraincracker]

2. Don't leave out casinos.

No one has ever gone broke owning a casino.

No, wait a second. Trump did on 4 or 5of them.

[brush]

3. Yeah, that's a puzzler. TV money is millions every year.

And parking, concession and team apparel brings in big money too. They couldn't have been operating on such a thin margin the the year of covid and no fans in the stands caused them to go over the edge. There has to have been some financial mismanagment.

[underpants]

4. They may have four sets of hands dipping into it

Who knows? TV money just doubled too. That’s why all these players are signing 1-2 contracts, they know there’s a salary cap upgrade coming.

[Angleae]

7. The team probably isn't, it's the trust fund that is.

The profits of the team are probably going directly to the four spanos siblings or staying with the team.

[bahboo]

5. they have no fan base in LA...

leaving San Diego has been a clusterfuck from the get go....

[brush]

6. Yeah, what is with these teams leaving San Diego for LA?

Last edited Fri Apr 2, 2021, 03:16 PM - Edit history (1)

The Chargers and Clippers. LA doesn't want them.

[AZProgressive]

8. The Chargers couldn't get a stadium deal with the city

Stadium deals are usually bad deals for the city and team owners use relocation threats to get better deals.

I tried to look up recent information at http://www.fieldofschemes.com and found this.


NFL stadium a catalyst for Inglewood rebirth, but some fear the community is losing its soul

Inglewood Mayor James T. Butts Jr. thinks of “Star Trek” when he describes the transformation expected for his city over the next five years. To the mayor, the new NFL stadium slated to open in less than a year is Inglewood’s version of the Genesis Device, a miraculous technology from 1982’s “The Wrath of Khan” that could turn a barren planet into utopia.

As Butts sees it, the more than $5 billion catalyst at the former site of Hollywood Park will uplift the area around the stadium and then cascade to replace blight in other neighborhoods as well.

“That’s what’s happening right now, the Genesis effect,” Butts said. “We were once a City of Champions and we can be that again.”

(Snip)

In “the Wrath of Khan,” the Genesis Device was treated as a doomsday weapon, because if improperly used, it would first destroy whatever existed on an already habitable world to create a more “ideal” paradise.

https://www.mercurynews.com/2019/11/24/nfl-stadium-a-catalyst-for-inglewood-rebirth-but-some-fear-the-community-is-losing-its-soul/