Berberian contends the trust has debts and expenses exceeding $353 million, with no plan for how it will pay $22 million it has pledged to charities. I'm just blessed to be a Charger. The production was there, the intangibles were there. I'm a sponge, so I am going to just absorb all of the info that they give me and just try to get better and make an impact on the team.". One of the attorneys working with Berberian is Adam Streisand, who helped Jeannie Buss take control of the Lakers and represented Steve Ballmer successfully force Donald Sterling to sell the Clippers. CNN Los Angeles Chargers owner and chairman Dean Spanos is being sued by his sister and team co-owner Dea Spanos Berberian, whos accusing him of She also alleges that Dean diverted $105 million from the trust to various debts, claiming he manipulated the trust to borrow over $60 million "for the wasteful purchase" of a private plane "that has no legitimate business justification." All rights reserved, US Readies Second Attempt at Speedy Border Asylum Screenings, Man, 20s, Dies of Heat Exhaustion on El Capitan Trail in Lakeside, New Rules for Short-Term Vacation Rentals in San Diego Start May 1. ", "Before I start, I want to say thank you to the Spanos Family, [General Manager] Tom Telesco and [Head] Coach [Brandon] Staley for having me here and keeping me home. That's a big part of it.". (AP Photo/Brandon Wade), TCU quarterback Max Duggan (15) during the first half of the Fiesta Bowl NCAA college football semifinal playoff game against Michigan, Saturday, Dec. 31, 2022, in Glendale, Arizona. The Los Angeles Chargers today signed the following 12 players to Reserve/Future free agent contracts. I know I will do it for the Chargers. TCU quarterback Max Duggan (15) stands on the field before an NCAA college football game against Oklahoma State in Fort Worth, Texas, Saturday, Oct. 15, 2022. When the Chargers moved to Los Angeles in 2017 after 56 seasons in San Diego, they faced the daunting task of paying off a $650 million relocation fee to the NFL and building a fan base in a market crowded with college and professional sports. Secure your 2023 Season Ticket Memberships today! The trust controls 36%. If Berberian is able to remove Dean she would effectively be in charge of 51% of the Chargers ownership. Spanos sued by sister as Chargers feud escalates, Fantasy football rankings for 2023 season, 10 fantasy football breakout players for 2023, Broncos pick up Jeudy's 5th-year rookie option, Bills ink vet Murray after passing on RBs in draft, Source: Ravens decline LB Queen's 2024 option, LB Barrett's 2-year-old daughter drowns in pool, Deion 'ashamed' after only 1 HBCU player drafted, Sources: NFL eyes May 11 to release schedule, Cowboys scout emotional as team drafts his son, Rams use 'Mr. I feel like I'm a player that could go all over. The family trust controls 36% of the team with the remainder owned by nonfamily members. Dean refuses to consider a sale of the Trusts Interest of the Chargers, insisting that the Co-Trustees continue to borrow more and more, and to force the charities and beneficiaries to wait for years and to hope while Dean speculates further on a football team, the petition said. Adam Streisand, the attorney for Berberian, declined to comment. To characterize Dean as somehow being less than fully respectful of the women in our family is just not right.". It kind of just made me want to fight more at practice, do the little things to show that I deserved to have that number.". I'm super excited.". On Henley learning from LB Eric Kendricks: "What a wealth of knowledge. On his reaction to receiving the call and being selected by the Chargers: "I was super excited. According to Forbes.com, the teams worth in the spring 2021 was $2.6 billion. The Los Angeles Chargers team, who defeated the Pittsburgh Steelers in an exciting finish on Nov. 22, has been in the Spanos family since 1984. Dean Spanos is the Chargers team owner and chairman of the board. His three siblings also hold significant ownership stakes. The team's ownership has come into question this year. The Chargers will take on the Indianapolis Colts on Monday at 5:15pm at Lucas Oil Stadium. Both are co-trustees of the Spanos Family Trust which controls 36% of the Chargers. We think he can fit that.". That fits the description. I'm like, 'Alright, whatever.' Copyright 2023 Market Realist. I think that is something that I can do at the Chargers, be a versatile player, come in and make plays when the offense needs it, and just be that great teammate to my teammates.". (AP Photo/Steve Conner), Boise State defensive tackle Scott Matlock (99) celebrates after recovering a fumble by UTEP quarterback Gavin Hardison (12) on the UTEP 3 yard line in the first half of an NCAA college football game Friday, Sept. 10, 2021, in Boise, Idaho. The four children of late owner Alex Spanos Dean, Dea, Alexandra Spanos Ruhl and Michael Spanos each own 15% of the team. I think that light goes on at different points for players. Throughout this process, I feel like I built a lot of good relationships with all of the coaches on the coaching staff and really built up and connected with them in that way. LM Otero/Copyright 2022 The Associated Press. On this edition of Let's Play, defensive linemen Sebastian Joseph-Day and Morgan Fox face off in NHL 22. I found love and joy in doing it. The suit claims the trust is, as of December 31, 2021, $358 million in debt and losing $11 million annually. Berberian claims that Dean's decision to relocate the Chargers from San Diego back to Los Angeles in 2017 has put the trust more than $358 million in debt. Dean, Dea and their siblings Michael and Alexis all have a 15% ownership stake in the franchise. The petition asks the court to order Berberian and Spanos to take steps to sell the trusts share of the Chargers and invoke a provision of trust law that would require the teams other shareholders to do the same. ", "It's been a quick turnaround with getting picked and coming here, super quick. I'm already liking it. Its all alleged in a lawsuit filed this week against Dean Spanos that could tip the balance of power in the Spanos family and, almost certainly, usher in the sale of the National Football Leagues Chargers. In the petition, Berberian claimed, Dean has failed to present any plan to address the Trusts bleak financial picture and that her brother refuses to consider a sale of the Trusts Interest of the Chargers.. All Rights Reserved. The Cal State Northridge graduate also spent two seasons as a breaking news editor for NFL.com. His three siblings also hold significant ownership stakes. But, obviously, I knew that that came with a lot. It's going to create a lot within our locker room that, I think, is going to be really healthy, in terms of competition and fitting into a team that's already really good.". In 1995, they created The Chargers Impact Fund, which has given $13 million so far to various programs. In a November 2019 letter included with the court filing, Dean Spanos vowed to his three siblings that he would retain an investment bank at the end of the 2024 season in an effort to find a new owner. When he walks in a room, you're going to feel him right away. The Spanos family owns 96% of the Chargers. On the long-term view factoring into draft picks: "It's funny because when we talk about these players in the draft room and meetings, we're talking long-term with all of them. (AP Photo/Sam Hodde), TCU quarterback Max Duggan (15) passes during the first half of an NCAA college game against SMU on Saturday, Sept. 24, 2022, in Dallas, Texas. (AP Photo/Darron Cummings), Clemson offensive lineman Jordan McFadden (71) stretches during practice for the Orange Bowl NCAA college football, Wednesday, Dec. 28, 2022, in Fort Lauderdale, Fla. Clemson faces Tennessee on Friday. The lawsuit was filed in Los Angeles County, but in July a judge approved Deans request to move it to San Joaquin County. That's big for me.". The lawsuit could be headed for arbitration within the NFL. Me personally, I feel like I get the party started. Gilbert Manzano covers the Los Angeles Rams for the O.C. You're always thinking about your quarterback. That's a good way to start it off as a player. Great work ethic that we love. I've been in Texas all my life. Dimitri and Lex Economou, Spanos nephews, sued him this week in San Joaquin County, according to the Los Angeles Times. The four charities involved here have all agreed/understand that the remaining monies due under the pledges will be paid once the trust settles up with the IRS.. In an attempt to force the sale of the Chargers, a sister of controlling owner Dean Spanos filed a petition in Los Angeles County Superior Court on Thursday arguing The scene is set!! I wasn't even really watching the draft. Berberian has sought to have the 36 percent stake of the team controlled by the Spanos trust sold as she claims the team is unable to fulfill its financial commitments to charitable causes due to the debt of the franchise. Berberian likely sees the sale of the NFL team as the best way to pull the family trust out of financial turmoil. The Chargers left San Diego at the end of the 2016 season after more than 50 years in the region. Berberian's sons, Dimitri and Lex Economou, also previously filed a lawsuit against Dean Spanos, alleging that he secretly diverted money from the trust. Over The Los Angeles Chargers today re-signed center/guard Will Clapp. The three of us and our children, representing more than 75% of the family and its ownership of its businesses, stand united in support of our parents' and grandparents' wishes, including as to the continued ownership and operation of the Chargers.". The program is designed to offer juniors and seniors from Inglewood high schools the opportunity to participate in a six month after-school program to develop leadership and job-readiness skills. The filing alleges that the trusts debts and expenses exceed $353 million and stated that the only solution is to put the team on the market. On if the roster can achieve what last year's did and possibly improve: "I'll let you in training camp. Check out where the Chargers front office will be based for night one of the 2023 NFL Draft! They're all talented, but once they get in this league, it takes a lot of work to get to where you want to go and keep improving. On being selected by the Chargers and remaining in his hometown: "Thank you to the Spanos Family, [General Manager] Tom Telesco, [Head] Coach [Brandon] Staley for believing in me and blessing me with this opportunity. Litigation has emergedamong the members of the Spanos family regarding whether the Chargers should be sold. I was sitting there and watching, then, all of a sudden, my phone rings. Fox Doesn't Believe He'll Live to Be 80 as He Battles Parkinson's Disease, Nathan Fletcher's Accuser Speaks Publicly for First Time Since Filing Lawsuit, Escondido Middle School Teachers Sue Over District's Transgender Pronoun Policy, 25-Year-Old Makes $200/Hour Without a Bachelor's Degree: I Work Less Than 6 Hours a Day'. All rights reserved. All rights reserved. Spanos also allegedly manipulated the trust to borrow over $60 million "for the wasteful purchase of an airplane for Dean's and Michael's use that has no legitimate business justification.". I think, from a culture standpoint, they all have toughness, I think that these guys are all football players. There are different paths for everybody, in terms of how quickly people play and what their role is. I shouldn't have any problem coming in early and adjusting, soaking up as much stuff as I can from him as far as just football in general. 2023 Chargers Football Company, LLC. On 'focusing long-term' with the 'vision' for each player selected: "That's the whole thing. Whoops! Dea Spanos Berberian wants to sell the team due to financial mismanagement. It's not that we're not going to look at the defensive side of the ball. The Chargers will take on the Los Angeles Rams on Sunday at 1:25pm at Sofi Stadium. That means being on the field as a linebacker, being on the field as a gunner or whatever it may be for special teams. But Berberian, who runs the family trust with her brother as co-trustee, has been angling for more control inside the franchise since at least last year. I'm excited to get to work with the defense and the D-line and help the guys win some football games.". On the eighth episode of ALL IN Season 2, go all-access on the Chargers young quarterback, Justin Herbert, and learn how his competitive drive has translated to clutch, highlight-worthy plays his whole career, including the Bolts recent win over the Dolphins on Sunday Night Football. As a response, the three other siblings, Dean, Alexis Spanos Ruhl, and Michael Spanos, said, For the three of us, the Chargers is one of our familys most important legacies, just as it was for our parents. They said that theyre willing to buy their sisters share of the team. If the NFL is not willing to waive or at least drastically reduce that fee a new owner would be looking at $4.5 billion to $5 billion to put the Chargers back where they belong. The lawsuit, which was filed on Wednesday in San Joaquin County Superior Court by attorneys representing Dea Spanos Berberian, is seeking sole control of the family trust and asks the court to suspend and remove Spanos as co-trustee. That's why I was always available for special teams and why I will be available here for special teams because I feel like there's a joy, there's an art to it. 342 (12) Dea says her brother has been using the trust to pay against debts, many of them for his own personal gain and the detriment of the rest of the family. (AP Photo/Steve Conner), Boise State defensive tackle Scott Matlock (99) pressures Tennessee-Martin quarterback Dresser Winn (3) as Winn throws the ball in the second half of an NCAA college football game, Saturday, Sept. 17, 2022, in Boise, Idaho. To step in and watch guys who have done it and done it at a high level that are really masters of their craft, I think is really going to help them.". One example, taken from the lawsuit: Dean continues to use Trust assets as collateral, draw on the Trusts lines of, credit, and refuses to pay dividends for his own personal benefit and in breach of his fiduciary duties. The Spanos family of Stockton owns the NFLs Los Angeles Chargers, one of the countrys most successful apartment-development companies and a fortune estimated at $2.4 billion. Millions in debt. Maybe this is what I thought his role would be, and then some things happen and this is what it becomes. "I'm excited. The move resulted in money shifting from the trust to themselves personally.. (AP Photo/Rick Scuteri), TCU quarterback Max Duggan (15) reacts after TCU made a first down against Texas Tech during the second half of an NCAA college football game Saturday, Nov. 5, 2022, in Fort Worth, Texas. In addition, Mike Hiestand will transition to the defensive side of the ball as a Front Seven Specialist and John Timu will be the Assistant Defensive Line Coach. Steve Conner/Copyright 2021 The Associated Press. His plan is hope.. Without family, you will be left emotionally empty, no matter how fabulous your accomplishments.. ", The families of Dean, Michael and Alexis Spanos Ruhl have since rebutted Berberian's claims in a statement issued to CBS Sports via Mark Fabiani, special counsel for the Chargers: "It is unfortunate that our sister Dea, who clearly has no interest in continuing to participate in the family's businesses, has resorted to leveling false and provocative charges in an attempt to impose her will on the rest of the family. The Bolts will take on the Miami Dolphins for prime time clash on Sunday Night Football. His four adult children The Spanos family has owned the Chargers since Spanos, a construction magnate from Stockton, bought a controlling interest for $48.3 million from Eugene Klein. Boise State defensive tackle Scott Matlock (99) lines up against Tennessee-Martin in the second half of an NCAA college football game, Saturday, Sept. 17, 2022, in Boise, Idaho. Ruhl made her own statement in support of her brother Dean. ", "Just come in and control what you control. 32 lingering post-draft questions: Will Lions have regrets? Photos: Chargers Draft Room in Century City, Photos: Quentin Johnston Lands in Los Angeles, Photos: Quentin Johnston's First Day as a Charger, Photos: Get to Know Fifth Round Pick Jordan McFadden, Photos: Get to Know Sixth Round Pick Scott Matlock, Photos: Get to Know Seventh Round Pick Max Duggan. The Spanos brothers, her lawsuit argues, "believe to their cores that, regardless of what their parents intended and their wills specified, men are in charge and women should shut up. Every day that passes increases the risks that the charitable beneficiaries and the Spanos family legacy will suffer irreparable financial and reputational damage the petition said. Though Berberians petition is brought on behalf of the trust, it seeks to compel a full sale of the team.

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