My dad bought the Los Angeles Chargers for just $70m – now it’s a multi-billion NFL team
DEAN Spanos is considered one of the worst owners in the NFL – but he remains one of the richest.
After his father Alex purchased a majority stake of the San Diego Chargers for $70million in 1984, the franchise is now worth a reported $3.875billion.
The huge increase in the Chargers' valuation comes in spite of the team's failure on the field and lack of popularity among fans, though.
Eli Manning's decision not to play for the Chargers even though they selected him No. 1 in the 1994 NFL Draft symbolizes the dysfunction at the franchise in the past 30 years.
The Spanos family entered the NFL landscape in 1984 when Alex Spanos purchased a 60-per-cent stake in the Chargers from majority owner Eugene Klein for $70million.
The son of Greek immigrants, Alex Spanos was a self-made millionaire who made his fortune from construction and real estate.
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Over the next decade, he bought out shares of several minority owners to own 96 per cent of the team, which has been passed down to his four children.
Alex Spanos died in October 2018 aged 95 after a long battle with dementia.
Under Spanos' reign, the Chargers reached the Super Bowl in 1995 where they eventually lost to Steve Young and the San Francisco 49ers.
However, Spanos was not held in high regard by many Chargers fans due to the team's lack of playoff appearances during his reign.
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In 1988, he was booed during a halftime ceremony to retire the Hall of Fame quarterback Dan Fouts’ No. 14 jersey.
Spanos' oldest son Dean took over day-to-day business operations in 1994 and he is considered as unpopular as his father.
His decision to uproot the Chargers from San Diego – their home of 56 years – to Los Angeles in January 2017 remains a sore point with fans.
Following the move, the Chargers played at LA Galaxy's Dignity Health Sports Park for three seasons and they are now merely tenants at SoFi Stadium, the home of the LA Rams.
In June 2022, Dean Spanos was sued by his sister and team co-owner Dea Spanos Berberian, who accused him of “misogynistic” behavior and repeated “breaches of fiduciary duty” in his role as controlling owner of the NFL franchise.
The filing escalated an ongoing battle among the four Spanos siblings over control of the franchise.
"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," a family statement said.
The Chargers reached the playoffs last season – their first postseason appearance in four years – but it was a disaster.
The team blew a 27-point lead to go down 31-30 to the Jacksonville Jaguars in an AFC wild-card game.
“We choked,” edge rusher Kyle Van Noy said afterwards.
"It's embarrassing," defensive lineman Sebastian Joseph-Day added.
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"It feels really bad, and it just sucks."
The Chargers' hopes rest mainly on quarterback Justin Herbert, who recently agreed to a five-year, $262.5million extension through the 2029 season.
