Billionaire Tom Gores, who owns the NBA’s Detroit Pistons, is set to add an NFL team to his portfolio. Sports Business Journal reports that Gores is finalizing a deal to acquire a 27% stake in the Los Angeles Chargers.
Gores reportedly agreed to pay around $1.5 billion for the stake. He will now need to be approved by NFL owners, with the decision expected during the next owners meeting in October.
The LA Chargers are currently owned by the Spanos family, which holds a 96% stake in the franchise. The ownership is divided between four siblings – Dean Spanos, Michael Spanos, Alexis Spanos Ruhl, and Dea Spanos Berberian – who each hold a 24% stake. Reportedly, Gores will acquire Spanos Berberian’s entire 24% stake on top of 1% from each of the other three siblings.
Gores, founder of private equity firm Platinum Equity, has an estimated net worth of $9.1 billion. His first venture into owning a sports franchise came in 2011 when he acquired the Pistons for $325 million. Since then, the Pistons have made the playoffs only twice and are yet to win a playoff series.
The Chargers are currently considered a team on the rise. They have an exciting young quarterback, Justin Herbert, and have hired Jim Harbaugh, national champion with Michigan, as their new head coach ahead of the 2024 season.
