The partner shipper owner wants the team to be sold to relieve the family’s debt

The sister of Los Angeles Chargers’ president, Dean Spanos, is trying to force the team to sell the team due to mounting debt, and said the team’s ownership cannot continue to borrow money while Spanos speculates more on the soccer team, according to a petition filed in court on Thursday. Dea Spanos Berberian filed the petition and is one of four Spanos siblings that 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% of the ownership. The petition said that the fund’s debts and expenditures exceed $ 353 million, and that the fund “has almost no income and no liquidity.” She also said the trust is responsible for more than $ 22 million pledged to charity. “The Trust’s interest in chargers should be sold so that the debts can be discharged, the bleeding can be stopped, the speculation and risks can be eliminated, and the beneficiaries can in fact be the beneficiaries of the Berberian petition, which USA TODAY Sports obtained Thursday, in response,” said Mark Fabiani, counselor The private chargers told USA TODAY that the fund “has access to substantial liquidity as well as assets that far exceed its debt.” He said it “is not in default and will never be so.” NFL Energy Ratings: Free Agency, Pre-draft deals boost Rams, 49, cowboys, settlers of the box are Spanos’ deceased parents, Faye and Alex, who bought the shipper in 1984 when the concession was in San Diego. The court file received a swift response from the other siblings on Thursday. Dea wishes to be part of this family legacy, the three of us are ready to buy their share of the privilege, as our agreements give us the right to do so, “they said in a statement.” In the meantime, Chargers’ operations will not be fully affected by this issue, which is only about stake. 36 Palma 100 of the team that was owned by our fathers. ” The chargers moved to Los Angeles in 2017 after 56 years in San Diego. They share a $ 5 billion SoFi Stade stadium in Englewood, California, with the Los Angeles Rams, which owner Stan Kronke has provided funding for. In a letter dated November 2019 from Dean Spanos attached to the petition, the controlling owner addressed his other siblings and stated that he had agreed to keep an investment banking company to market the sale of chargers no later than 30 days after the 2024 season, their fifth season at SoFi Stadium. . Petition, filed in Los Angeles Superior Court, says it has resisted the sale. “Dean refuses to consider selling the Trust’s Interest of the Chargers, and insists that co-trustees continue to borrow more, forcing charities and beneficiaries to wait for years and” hope “while speculating more debt on the soccer team,” the lawsuit states. “Dean has failed to present any plan to address the bleak financial picture of the fund, because there is no other plan than the one urged by the petitioner. Dean simply refuses to discuss it. And when the petitioner suggested keeping an independent company to assess the situation and develop a plan, he refused. His plan is hope. “The right of the other siblings to a first refusal could complicate a Berberian attempt to sell the majority of the equity shares. Even if she succeeds in selling the 36% stake, her siblings can purchase her other 15% stake under this right of pre-emption. Berberian is still asking the court to “instruct the co-secretaries to exercise their rights of” participation “in order to compel 97% of the team to market and finalize. Berberian’s attorney is Adam Streisand, who previously represented Los Angeles Clippers owner Steve Palmer and Los Angeles Lakers owner Jenny Boss in property disputes. “Dee, as trustee, requests court instructions to tell the other owners that you have to come and sell,” Streisand said in an email. “If the other siblings can find someone to lend money to and they can beat the team’s best offer until the debts and charities are repaid, the family can actually get an inheritance. I wouldn’t be angry about that.” Reporter Brent Schrotenboer continued. Email: [email protected]