All Rights Reserved. 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. In March 2021, she filed a petition to Los Angeles Superior Court asking the franchise be sold due to mounting trust debts. Statement Issued by the Families of Alexis Spanos Ruhl, Michael Spanos and Dean Spanos. The Carolina Panthers on Friday announced they had hired Thomas Brown, the Rams assistant head coach last season, as their offensive coordinator. Busy times are ahead, for lawyers representing the Spanos family. 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. Last year, Dea Spanos Berberian filed a lawsuit seeking a forced sale of the largest available chunk of the L.A. Chargers. 2023 www.recordnet.com. 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. 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. Recipients? Dea Spanos Berberian SECRETARY OF THE BOARD Dea is also Executive Vice President of the A. G. Spanos Companies and in charge of community relations. In January, Dean Spanos was sued by two of his nephews Berberians sons, Dimitri and Lex Economou who allege that he secretly diverted money from the family trust. Your effort and contribution in providing this feedback is much The Chargers won one AFL title in 1963 and reached the playoffs five times in the AFL and the AFL Championship four times before joining the NFL when the AFL-NFL merger. "The statements made in today's court filing about my brother Dean Spanos are outrageously untrue," the statement read. She also accuses her brothers of fiduciary mismanagement that has left the Spanos family trust with more than $358 million of debt as of the end of 2021, the lawsuit shows. In this desert, where three teams are rebuilding (Oakland, Denver and Kansas City), San Diego, this opens a boulevard. Spanos Berberian seeks a California state court ruling on how to manage the 36 percent share owned by the trust. 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. Dea Spanos Berberian has filed another lawsuit aimed at wresting control of the NFL franchise the family owns. A legal filing by Dea Spanos Berberian seeking to force the sale of the Chargers cites $353 million in family trust debt. Spanos took over daily operations from his father in 1994, becoming president and CEO, until he passed operations to his own sons in 2015. Despite rumors to contrary and salary-cap concerns, Chargers general manager Tom Telesco declared star receiver Keenan Allen isnt going anywhere.. That is the precedent Berberian argues the court should follow. In 1961 the franchise moved to San Diego. The legal conflict involving the Spanos siblings came to light in April 2021, when Berberian petitioned the Los Angeles County Superior Court to put the trust up for sale because of growing financial concerns. The petition was filed by Dea Spanos Berberian, who serves a co-trustee of the family trust with Chargers owner Dean Spanos. Information from The Associated Press was used in this report. Factors likely, the division in which you move you more or less likely to win the playoffs. Many very important planning techniques and structures will not be possible after enactment, warns Alan Gassman of Forbes. While Forbes valued the Chargers at $2.6 billion last year, Berberians petition described the team as a rare trophy asset and noted that the price a buyer is willing to pay is often not dictated by any economic metric. The NFL recently finalized massive new media rights deals that could be worth more than $10 billion per year, something the filing asserts will certainly attract potential buyers., The petition noted reports that Amazon.com founder Jeff Bezos, worth an estimated $180 billion, is interested in becoming an NFL owner and said the Chargers could be a perfect opportunity.. The Spanos family, screwing up the Chargers since 1984. However, he grew up in troubled circumstances, as his parents were constantly fighting. 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. at The lawsuit also lists multiple allegations of "breaches of fiduciary duty" by Dean Spanos, who is accused of diverting $105 million from the trust to various debts. 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. The nephews claim that Dean Spanos, with the aid of Michael, altered the trust in February 2018 to divert money to themselves personally.. 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 . 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. Regarding the breaches of fiduciary duty, Berberians petition contends that Spanos repeatedly manipulated the trusts financials for his personal gain. The stake in the Chargers makes up 83% of the trusts holdings. Dea Spanos Berberian filed a petition Thursday in San Joaquin County Superior Court seeking sole control of the family trust that has a 36% stake in the ownership of the Chargers. A lawyer familiar with the matter told ESPN that Berberian's motive for filing the suit is to embarrass Spanos publicly. 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. The legal conflict came into public view in April 2021, when Berberian petitioned the Los Angeles County Superior Court to put the trust up for sale. Berberian is being represented by Adam Streisand, who also represented Jeanie Buss when she wrested control of the Los Angeles Lakers from her brothers and Steve Ballmer in the trial to force Donald Sterling to sell the LA Clippers. Alex Spanos bought the San Diego Chargers in 1984, and Dean Spanos took over managing the franchise in 1994. But the whole is very attractive. Every story about NFL owners is like reading a comic book. This site uses Akismet to reduce spam. Published Additionally, Berberian claims the Chargers move from San Diego to Los Angeles was financially ruinous and the family needs to sell to recoup the trusts debt. They stated Spanos Berberian seems to have a different and misguided personal agenda from their own plan to keep the NFL club in the family for generations to come. Spanos and Berberian were left as co-trustees of the trust following the deaths of their parents, Alex and Faye, in 2018. There must be a part of success in the NFL. Dean will likely contend that if he is only allowed to use his position as a Co-Trustee to be a speculator to double and triple down on bad decisions of the past, he can turn things around because there are positive developments at the NFL level that should benefit the Chargers as well, the petition said. I love how the rich have a dead ear to how ridiculous and entitled they sound, and are! 2:14 pm ET. Spanos and Berberian were left as co-trustees of the trust following the deaths of Alex and Faye Spanos in 2018. Spanos will win again if the National Football League successfully maneuvers to push the case outside a courtroom altogether. STOCKTON - Chargers controlling owner Dean Spanos faces several allegations in a new lawsuit. Si vous souhaitez personnaliser vos choix, cliquez sur Grer les paramtres de confidentialit. Los Angeles Chargers controlling owner Dean Spanos has already earned one victory this summer by getting his legal dispute with his sister, Dea Spanos Berberian, moved out of Los Angeles. ", 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. Suddenly, San Diegans have a Spanos to root for. Spanos earned varsity letters in running and diving at the University of the Pacific in Stockton and later distinguished . 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. "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. Dea Spanos Berberian, 62, is secretary of the board and executive vice president. Siblings in attendance included brother and Chargers executive vice president Michael Spanos and wife Helen; sister Dea Spanos Berberian, a vice president of A.G. Spanos Companies, and her husband . Los Angeles Chargers owner Dean Spanos is being sued by his sister Dea Spanos Berberian. 2004-2023 CBS Interactive. NFL Combine 2023: Colossal Richardson breaks QB records, Jackson Mahomes accused of assault at Kansas restaurant, NFL combine measurements: Full list of WR, TE numbers, Agent's Take: Rodgers' trade value, logistics, best fit, Ex-Patriots star McGinest facing 8 years in prison, Gould to test market, won't kick for 49ers in '23. Not until next season after a draft that the Broncos can not afford to squander. --- They added that in no circumstances will this situation impact control of the franchise.. 998. (Photo by John McCoy/Getty Images). Philip Rivers, the wand is constantly growing. LOS ANGELES Los Angeles Chargers controlling owner Dean Spanos has been accused of repeated breaches of fiduciary duty and misogynistic behavior in a lawsuit filed by his sister. appreciated. Her three siblings are not thrilled with the situation. Just ask Michael Vick what he thinks. His sons have key roles, too. To characterize Dean as somehow being less than fully respectful of the women in our family is just not right.". 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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. 2023 Cable News Network. The lawyer went on to say that Berberian's three siblings, Dean, Michael and Alexis, have stood firmly in opposing her in the past and that "today's lawsuit will receive the same reaction.". afficher des publicits et des contenus personnaliss en fonction de vos profils de centres dintrt; mesurer lefficacit des publicits et contenus personnaliss; et. It underscored the importance that family played in his decisions. Dea Spanos Berberian, the sister of Chargers owner Dean Spanos, is suing her brothers for misogynistic treatment, self-dealing and breaches of fiduciary duty, ESPNs Adam Schefter and Kimberley Martin reported. To characterize Dean as somehow being less than fully respectful of the women in our family is just not right.. He was 95.. Her lawsuit, filed Thursday in San Joaquin County Superior Court, also. In the meantime if Tebow had not missed his two passes late in the game, the Denver team would probably have won. It is unfortunate that our sister Dea, who clearly has no interest in continuing to participate in the familys business, has resorted to false and provocative charges in an attempt to impose her will on the rest of the family, the families of Alexis Spanos Ruhl, Michael Spanos, and Dean Spanos said in a joint statement, via Gilbert Manzano of the Los Angeles Daily News. It remains a remarkable campaign and has become one of the best quarterbacks in the league. Dean Spanos took over as managing owner of the Chargers in 1994, 10 years after his father bought the franchise. section: | slug: chargers-owner-dean-spanos-sued-by-sister-for-financially-ruinous-business-family-rebuts-false-charges | sport: football | route: article_single.us | Get the latest on L.A.'s teams in the daily Sports Report newsletter. U-T draft analyst Eddie Brown has the Chicago Bears considering a trade, Privacy PolicyTerms of ServiceSign Up For Our NewslettersSite Map, Copyright 2023, The San Diego Union-Tribune |. The legal conflict came into public view in April 2021, when Berberian petitioned the Los Angeles County Superior Court to put the trust up for sale. Spanos-Berberian Wine Company, LLC in Stockton, CA . The making and sale of fine wine is a pursuit of Dea Spanos Berberian, Alex's first born daughter, secretary of the A.G. Spanos board. Spanos Berberian. Chargers' owner Dean Spanos is being sued by his sister, Dea Spanos Berberian, for alleged misogynistic behavior and repeated breaches of fiduciary duty, per me and @ByKimberleyA. owner of the San Diego Chargers, formed Spanos Berberian Winery, LLC. 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. The NFL declined to comment on the situation. The lawsuit also lists multiple allegations of "breaches of fiduciary duty" by Dean Spanos, who is accused of diverting $105 million from the trust to various debts. Thursday in a Los Angeles court, Deas lawyer made a bid to force the sale of the Chargers. Neither Berberian nor Streisand responded to ESPN's requests for comment. -> Created for Dea Berberian, Ron Berberian. 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., In a separate statement, Ruhl said her brother Dean has been unfailingly respectful of me and of my wishes.. And he has been fighting, along with my brother Michael and me, to fulfill the wishes of our mother, Faye, relating to our family and our businesses. The Chargers are the only franchise ever so slightly stable for several seasons in the AFC West, by far the lowest pool of the American Conference. A trust established by the late Alex and Faye Spanos, the family patriarch and matriarch, who both died in 2018, accounts for 36 percent of ownership effectively giving each of their children another nine percent ownership share. Dea Spanos Berberian filed a petition Thursday in Los Angeles County Superior Court contending that mounting debt from the franchise is creating an estimated yearly loss of at least $11. The families of Dean Spanos, Alexis Spanos Ruhl and Michael Spanos released a statement later Friday reaffirming their unity. She knew right then, the team needed new ownership. The four siblings are equal beneficiaries of the family trust, according to court documents. Berberian, co-owner of The Spanos Corporation since 1994, serves as its executive vice president, director and secretary. I see another great franchise going down in flames due to greed of the already wealthy. Multiple outlets reported the lawsuit claims . . 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 . His four adult children Alexandra Spanos Ruhl, Michael Spanos, Dean Spanos and Berberian each owns 15% of the Chargers. The suit also asks the court to suspend and remove Spanos as a co-trustee and seeks unspecified financial damages awarded to Berberian. To characterize Dean as somehow being less than fully respectful of the women in our family is just not right.". Alex and Faye Spanos, the siblings' parents, who died three years ago, created the trust in 1998. Dea Spanos Berberian, is listed as an officer of another company. With the NFL combine starting Tuesday in Indianapolis, here are five positions the Los Angeles Chargers might focus on during this offseason. Spanos-Berberian Winery, LLC Website Get a D&B Hoovers Free Trial Overview Doing Business As:Bell Wine Cellars Company Description:? But the Chargers are much higher. 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. 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.". 15 Alex and Faye Spanos Family Trust, PETITION FOR ORDERS You must be logged in to leave a comment. 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. 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. Together, Ron and Dea, are dedicated to enhancing the experience of visiting Bell Wines and offering the best quality of their award-winning wines. Order Online Tickets Tickets See Availability Directions . Spanos and Berberian were left as co-trustees of the trust after the deaths of Alex and Faye Spanos in 2018. SPORTS ILLUSTRATED is a registered trademark of ABG-SI LLC. She also is in charge of community relations. 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. Apr 1, 2021. What will the Buffalo Bills do without defensive coordinator Leslie Frazier? The NFL intervened and asked to arbitrate the matter since it was a dispute among NFL owners, a source familiar with the case told CNN. Each sibling owns an additional 15% of the . ", 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. 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.. Aztecs assistant coach Ron Gould hired by NFLs Rams less than a month into role at SDSU, NASCAR star Elliott has leg surgery after snowboard accident, Fernando Tatis Jr. disciplined at the top of Padres stacked lineup and still learning in right field, Quinn scores in 2nd period as Sabres beat Lightning 5-3, Grizzlies Clarke out indefinitely with torn Achilles, Anders Lee scores twice as Islanders beat Red Wings 4-1, Ducks assistant coach Stothers to be treated for melanoma, Oakland As calling Vegas home, only this weekend for now, Southampton off bottom of EPL by beating Leicester 1-0. He had a very difficult first season. Adam Streisand, the attorney for Berberian, declined to comment. His father owned a small bakery. 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. In addition, according. They have four adult children: Dean Spanos, the Chargers' team president; Michael Spanos, the Chargers' executive vice president; Alexis Spanos Ruhl, a vice President of A.G. Spanos Companies; and Dea Spanos Berberian, a vice President of A.G. Spanos Companies. Her petition includes claims against Steven Cohen, the executive vice president of The Spanos Corporation. The trust has control over one-third of the ownership stake. Alex Spanos bought the San Diego Chargers in 1984, and Dean Spanos took over managing the franchise in 1994. In addition, according. Nearly four decades ago, the family patriarch, Alex Spanos, purchased a majority interest in the San Diego Chargers for $40 million. When she saw how much the Broncos went for, she said, I want some of that. Berberian argues that her brothers have pursued a campaign to punish, belittle and humiliate her in retaliation for speaking against their management of the family trust. Her siblings say they love owning the football team. Dea Spanos Berberian . What a crock. The filing also calls for the removal of her brother as a co-trustee and seeks unspecified damages. Tim Tebow can not do everything alone. Aztecs to honor 8 on Senior Night against Wyoming, but are all of them leaving? In this latest filing citing financial statements Berberian says the trusts debts totaled more than $358 million as of Dec. 31. Berberian is reportedly seeking sole control of a family trust that accounts for more than one third of Chargers ownership. This year, Berberian has filed a lawsuit seeking control over the trust . 6-keys: media/spln/nfl/reg/free/stories, By pressing sign up, I confirm that I have read and agree to the. The Chargers play their home games at Qualcomm Stadium. The Spanoses reside in Stockton, California.Spanos also owns property in Las Vegas, Nevada. Neither Berberian nor Streisand responded to ESPN's requests for comment. As it relates to capital gains tax on inherited assets, another potential change would be significantly costly. These owners are the reason why they are no longer the San Diego Chargers. She has been the co-owner of the Los Angeles . The family trust controls 36% of the team with the remainder owned by nonfamily members.