The petition by Dea Spanos Berberian, who serves as co-trustee of the family trust along with her brother, alleges the trust's debts and expenses exceed $353 million. The venture acquired interest in the brand name and assets of Bell Wine Cellars, and a new partnership was formed with . Jun 13, 2022. Go Bolts.. Changing ownership is not a bad thing. Last year, Dea Spanos Berberian filed a lawsuit seeking a forced sale of the largest available chunk of the L.A. Chargers. A legal filing by Dea Spanos Berberian seeking to force the sale of the Chargers cites $353 million in family trust debt. It was probably something that Tim Tebow. The lawsuit also states that Dean and Michael "believe to their cores that, regardless of what their parents intended and their wills specified, men are in charge and women should shut up.". Spanos and Berberian were left as co-trustees of the trust after the deaths of Alex and Faye Spanos in 2018. -> Site for Ron Berberian, Dea Berberian. They said that, if necessary, they were prepared to buy their sisters stake in the franchise. Information from The Associated Press was used in this report. Spanos, Berberian and their siblings Michael Spanos and Alexandra Spanos Ruhl each own 15% of the Chargers franchise, with 36% managed by the family trust and the remaining 4% owned by non-family members. His four adult children Alexandra Spanos Ruhl, Michael Spanos, Dean Spanos and Berberian each owns 15% of the Chargers. In March 2021, she filed a petition to Los Angeles Superior Court asking the franchise be sold due to mounting trust debts. "The statements made in today's court filing about my brother Dean Spanos are outrageously untrue," the statement read. ", Alexis, Dean's other sister, has also pushed back against Berberian's allegations: "The statements made in today's court filing about my brother Dean Spanos are outrageously untrue," she wrote. On the surface, Spanos Berberians claim of debt as a driving force to sell the team doesnt seem convincing. Faye Spanos: A wonderful person, a wonderful life, Whos who of civic, sports leaders bid farewell to Alex Spanos, Your California Privacy Rights / Privacy Policy. Alexander Gus Spanos (September 28, 1923 - October 9, 2018) was an American billionaire real estate developer, founder of the A. G. Spanos Companies, and the majority owner of the San Diego / Los Angeles Chargers of the National Football League (NFL). However, he grew up in troubled circumstances, as his parents were constantly fighting. 2004-2023 CBS Interactive. Everyone feels entitled to everything. CNN Sans & 2016 Cable News Network. 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. Berberian contends that the Spanos family trust and subtrusts are all but insolvent, that Spanos' decision to move the Chargers to Los Angeles has proved financially ruinous and that the family has no option but to sell the team to satisfy the trust's debt obligations, which she says are currently in excess of $358 million. Its sad they they will tarnish all the wealth that was handed to them since birth. Conceivably if a judge agrees with Spanos Berberian, the possibility could arise, however fraught with large obstacles, of the franchise being sold. 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.". Her petition includes claims against Steven Cohen, the executive vice president of The Spanos Corporation. 1 draft pick, Spanos family calls Dea Spanos Berberians allegations false and provocative, Report: Derek Carr wants $35 million per year, The Raiders are the betting favorites to land Aaron Rodgers, Mike McCarthy: Kellen Moore wants to light the scoreboard up, I want to run the damn ball, Arrest warrant issued for Jalen Carter for reckless driving, racing, ESPN reiterates report that Lamar Jackson wants a fully-guaranteed deal, Aaron Rodgers says hell make a decision soon enough, Competition Committee begins to explore the quarterback push play, Players say Chiefs discourage them from reporting injuries, have NFLs worst training staff, Bryce Young is just over 5-10 and 204 pounds. Dea Spanos Berberian, sister of Los Angeles Chargers owner Dean Spanos, is trying to force a sale of the franchise because of the family's current financial state. Information from The Associated Press was used in this report. Reviews (209) 473-6827. Chargers owner Alex Spanos, a plain-spoken, self-made billionaire from Stockton who bought a majority stake in the NFL football club in 1984, died Tuesday morning, the team announced. Dean Spanos took over as managing owner of the Chargers in 1994, 10 years after his father bought the franchise. The suit also asks the court to suspend and remove Spanos as a co-trustee and seeks unspecified financial damages awarded to Berberian. Most of the debt is money the Chargers loaned the family trust, a common practice because the team can get a lower interest rate. . Jun 10, 2022 at 04:51 PM . Alexander Gus Spanos (September 28, 1923 - October 9, 2018) is an American real estate developer and self-made billionaire of Greek origin who is the majority owner of the NFL's Los Angeles Chargers, who also founded the A.G. Spanos Companies. Meanwhile, the trust is so heavily concentrated in owning a minority stake in a professional football team that beneficiaries have no choice but to depend almost solely on the rise or fall of the Team.. And he has been fighting, along with my brother Michael . Thursday in a Los Angeles court, Dea's lawyer made a bid to force . Among other accusations of the lawsuit include using $105 million of the trust to pay off debts and another $60 million to buy a plane with no connection to the business. breach of fiduciary duty and surcharge against dean spanos; 2. suspension and removal of dean spanos as co-trustee; 3. aiding and abetting breaches of fiduciary duty against michael spanos and steven cohen; 4. disqualification of michael spanos as successor co-trustee; and 5. an order instructing dea to refuse to agree to letters of intent. Unfortunately, our sister Dea seems to have a different and misguided personal agenda., They said operations of the Chargers will be entirely unaffected by this matter.. The families of Dean Spanos, Alexis Spanos Ruhl and Michael Spanos released a statement later Friday reaffirming their unity. However, the potential on this front could explain the timing of Spanos Berberians legal push to have the team sold. Together, Ron and Dea, are dedicated to enhancing the experience of visiting Bell Wines and offering the best quality of their award-winning wines. The couple raised four children. The lawsuit was filed Thursday in San Joaquin County Superior Court by attorneys representing Dea Spanos Berberian, who is seeking sole control of a family trust that constitutes more than one-third of the Chargers' ownership. And that ultimately may be why this lawsuit was filed. Alex Spanos was an American billionaire who primarily worked as a real-estate developer and founded 'A.G. Spanos Companies.'. What will the Buffalo Bills do without defensive coordinator Leslie Frazier? And if it were accepted that the team must be sold to take advantage of favorable tax treatment under current law, selling a controlling stake would fetch the highest price and would align with fiduciary responsibility. Berberian is represented by Adam Streisand, who represented Jeanie Buss in her fight to gain control of the Lakers from her brothers, and Steve Ballmer in the proceeding that forced Donald Sterling to sell the Clippers. Los Angeles Chargers owner Dean Spanos has been accused of "misogynistic" behavior, "self-dealing" and repeated "breaches of fiduciary duty" by his sister in a lawsuit that escalates the siblings' ongoing legal battle over control of the team. Berberian filed a lawsuit looking to gain full control of the Spanos family trust, which would remove Spanos as co-trustee, along with financial damages. Get the latest on L.A.'s teams in the daily Sports Report newsletter. Aztecs to honor 8 on Senior Night against Wyoming, but are all of them leaving? Spanos, Berberian and their siblings Michael Spanos and Alexandra Spanos Ruhl each own 15% of the Chargers franchise, with 36% managed by the family trust and the remaining 4% owned by non-family . His father owned a small bakery. sadly, The Chargers are like the Commanders, I want to root for the team but their ownerships are too awful to root for. It remains a remarkable campaign and has become one of the best quarterbacks in the league. The nephews claim that Dean Spanos, with the aid of Michael, altered the trust in February 2018 to divert money to themselves personally.. (Late billionaire Alex Spanos purchased the team in 1984, and his four children, including Dean and Dea, each own 15 percent of the club, while the family trust owns 36 percent.) Per ESPN's Adam Schefter and Kimberley A. Martin, Berberian filed a lawsuit in California on Friday for . With her attempt to force the trust to sell the team heading to arbitration, she perhaps can get to the same place if she seizes control of the trust and thus can in her capacity as the sole trustee bundle the 36 percent plus the 15-percent chunk she individually owns and sell controlling interest to someone like Josh Harris, who was ready to bid $5 billion for 100 percent of the Broncos equity. He helped his club to make a comeback last week and this week he still has nearly brought the Broncos (4-12) to win the match to end. Spanos took over daily operations from his father in 1994, becoming president and CEO, until he passed operations to his own sons in 2015. If there is a significant tax risk on the horizon, an issue the L.A. judge and the Spanos family lawyers may have to sort out is whether waiting to sell the team is a violation of fiduciary responsibility. Ron is husband of Dea Berberian (daughter of Alexander Spanos - real estate developer, owns the San Diego Chargers) Sorry for my poor english translation. Berberian also accuses her brothers of conspiring with Steven Cohen, the executive vice president and COO of The Spanos Corporation, to undermine Berberian by "deliberately" damaging her relationship with the pastor of her Greek Orthodox church, Father Alex Karloutsos. These changes may not happen, and may not be applicable to the Spanos family trust. STOCKTON Faye Spanos, the wife of Stockton developer Alex Spanos and the bedrock of her family as her husband once called her, died Tuesday night at age 92 of undisclosed causes. Alex G. Spanos Celebrated businessman, generous philanthropist and respected NFL owner have been some of the words used to describe Alex G. Spanos, who died Tuesday morning at age 95. That was four years after Alex ceded. It underscored the importance that family played in his decisions. The petition was filed by Dea Spanos Berberian, who serves a co-trustee of the family trust with Chargers owner Dean Spanos. The three of us and our children, representing more than 75 percent 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. Berberian contends the situation is too dire to wait. Smith runs second-fastest 40 by DL since 03, Saleh compares Carr to Stafford pre-Rams trade, Allen to be ready to roll for offseason program, How to maximize leverage of No. Los Angeles Chargers owner Dean Spanos has been accused of "misogynistic" behavior, "self-dealing" and repeated "breaches of fiduciary duty" by his sister in a lawsuit that escalates the siblings' ongoing legal battle over control of the team. Alex Spanos bought the San Diego Chargers in 1984, and Dean Spanos took over managing the franchise in 1994. But the Chargers are much higher. Jesus, who are these people?! I see another great franchise going down in flames due to greed of the already wealthy. Dean Spanos, who owns 15% of the Los Angeles Chargers, is feeling pressure from his sister, Dea Spanos Berberian, to sell the Spanos family trust share of the franchise, which is reportedly in debt. Dean simply refuses to discuss it. Lorsque vous utilisez nos sites et applications, nous utilisons des, authentifier les utilisateurs, appliquer des mesures de scurit, empcher les spams et les abus; et. Dea Spanos Berberian . If not, could you forward this site to this person. Neither Berberian nor Streisand responded to ESPN's requests for comment. As it turns out, Dea Spanos Berberian, one of Dean's younger sisters, is reportedly attempting to force her three siblings to sell their remaining stake in the Los Angeles . His sons have key roles, too. ESPN also reported that a lawyer familiar with the matter believes Berberian is trying to embarrass her brothers and that all three siblings, including Michael and Alexis Spanos, stand together in opposing her. ", 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. To characterize Dean as somehow being less than fully respectful of the women in our family is just not right.". Dea Spanos Berberian says the reckless spending by her brother Dean, the team's controlling owner, has resulted in $353 million in debt for the family trust The budget shortfall is so bad,. Beyond the 36% owned by the trust, Spanos, Berberian and their siblings, Michael and Alexis , each own 15% of the Chargers, with the remaining 4% belonging to non-family members. Dea Spanos Berberian filed a petition . Anime, ice sculpting and Buffalo wings: NFL teams get creative as 2022 season schedule is released, In her lawsuit, Berberian alleges that Dean Spanos and brother Michael have acted against their parents wishes out of their deeply-held misogynistic attitudes and sense of entitlement as the men in the family in order to teach her that a woman has no rights.. During the 34 years following the merger, the Chargers went ten times in the playoffs four times and reached the final of the AFC. Chiefs feared Chargers more than any other team in 2017 draft; Bolts took WR Mike Williams instead of eventual two-time Super Bowl champion. -> Site for Ron Berberian, Dea Berberian, Yet, once again, everything is there. Dean and Michael Spanos along with their sister Ruhl released a joint statement Friday, denouncing the actions of Berberian. Spanos, Berberian and their siblings Michael Spanos and Alexandra Spanos Ruhl each own 15% of the Chargers franchise, with 36% managed by the family trust and the remaining 4% owned by non-family members. "Throughout this entire ordeal that was instigated without justification by my sister Dea Berberian, my brother Dean has been unfailingly respectful of me and of my wishes. The Spanoses reside in Stockton, California.Spanos also owns property in Las Vegas, Nevada. Si vous ne souhaitez pas que nos partenaires et nousmmes utilisions des cookies et vos donnes personnelles pour ces motifs supplmentaires, cliquez sur Refuser tout. The club began playing in 1960 as a member of the AFL (American Football League), under the name "Los Angeles Chargers. 2023 www.recordnet.com. Dean Spanos took over as managing owner of the Chargers in 1994, 10 years after his father bought the franchise. The family trust that holds the majority ownership of the Los Angeles Chargers is in such a dire financial situation that Dea Spanos Berberian, the sister of controlling owner Dean Spanos, wants . Brightening the teams financial outlook for 2021, coming off a season in which all NFL clubs saw stadium-related revenues fall off sharply because of the pandemic, NFL Commissioner Roger Goodell said he expects capacity crowds to be allowed at NFL games next season. This week, Berberian also agreed to allow the NFL to arbitrate a settlement in the case. Chargers fans of the world, rejoice Dean Spanos, the widely hated part-owner of the L.A. Chargers, is being sued by his sister, Dea Spanos Berberian, for repeated misogynistic behavior. Alexis Spanos Ruhl BOARD MEMBER Alexis serves as a company liaison to local non-profit agencies. 15 Alex and Faye Spanos Family Trust, PETITION FOR ORDERS Vertalingen van het woord BERBERIAN van engels naar nederlands en voorbeelden van het gebruik van "BERBERIAN" in een zin met hun vertalingen: .from the legendary mezzosoprano Cathy Berberian .. Streisand previously represented Steve Ballmer in his purchase of the Clippers and Jeanie Buss in the legal fight that cemented her as controlling owner of the Lakers. All Rights Reserved. Lawsuit was filed today in California and calls for Dean Spanos to be removed as a co-trustee. Nous, Yahoo, faisons partie de la famille de marques Yahoo. The NFL recently brokered a gargantuan media rights deal worth more than $100 billion, raising the potential sales price of all 32 franchises. Two months after a sister of Chargers controlling owner Dean Spanos filed a court petition to try to force the sale of the team, a dispute has emerged over whether the matter should be resolved. Register now! He also has support from other family members and beneficiaries (though not all).. Dea Spanos Berberian filed the suit Thursday in San Joaquin County Superior Court, as ESPN reported, seeking sole control of the Spanos Family Trust that constitutes more than one-third of. "Many people say that, but it made us more harm than good to hear," coach Norv Turner tempers. San Diego did not actually justified the compliments on the ground. The continued battle for majority control of the Los Angeles Chargers has taken a new turn after co-owner Dea Spanos Berberian filed a lawsuit against her co-owner brothers Michael and Dean Spanos . These owners are the reason why they are no longer the San Diego Chargers. STOCKTON - Chargers controlling owner Dean Spanos faces several allegations in a new lawsuit. That included mediation with a retired L.A. County Superior Court judge that didnt work. 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. After Alex Spanos and his wife, Faye, died in Stockton in 2018, Dean Spanos, the oldest of the four children, and Berberian were left as the sole co-trustees. The Chargers have emerged 33-28. 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.