Tag:Alex Spanos
Posted on: January 19, 2011 11:35 pm
 

Chargers no longer selling Spanos' minority share

Posted by Will Brinson

The notion that the San Diego Chargers could be bolting for the bright lights of Los Angeles got a boost when the Chargers decided to sell owner Alex Spanos' 35 percent minority share of the team.

So Bolts fans should be pleased to hear the news that our Chargers Rapid Reporter Dan McLellan is dropping -- the team is no longer seeking a buyer for that minority share.

McLellan cites Mark Fabiani, the special counsel to team president Dean Spanos, as the source of the information, and notes that "the decision not to seek a buyer at this time is in large part due to the two-year extension of the Bush tax cuts."

Fans should also be pleased that it's a two-year period as well; if the Spanos family is dead set on keeping the Chargers in San Diego, that's an additional year that they're less likely to break the lease with the city on the stadium. (They have an option to not renew each year, according to earlier reports.)

It's not great news for Magic Johnson and the rest of the "bring football back to LA" contingent, but they've got a stadium to get in place first anyway.

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Posted on: November 16, 2010 9:05 pm
 

Could minority sale of Chargers mean L.A. move?

Posted by Will Brinson

The NFL returning to Los Angeles seems almost as foregone a conclusion as an 18-game schedule (although at least the latter is up for negotiation). To speed up the process, though, there would probably need to be some instability in ownership, which, apparently might be coming to San Diego.

According to Jon Weinbach of FanHouse, Chargers owner Alex Spanos is in poor health and his family has hired Goldman Sachs to sell a minority share of the team.

Each of his kids own 15 percent of the Chargers, while Spanos and his wife own 36 percent -- the section up for grabs is purportedly (according to what Mark Fabiani, the leader in trying to secure the Bolts a new stadium) only for "estate-planning purposes."

However, Weinbach reports that reps from Goldman have "recently met with several wealthy individuals" in Los Angeles about the minority stake up for sale.

Of course, if people with vested interest in the L.A. community suddenly owned part of a football team in San Diego, things could get a little spicy, especially since the Chargers can, ahem, bolt from their deal with Qualcomm Stadium via a buyout with the city of San Diego that's available, according to Weinbach, once a year.

These rumors stem from the recent Anschutz Entertainment Group plan to build a $725 million stadium near Staples Center and L.A. Live, a thriving entertainment section in downtown Los Angeles.

Someone from San Diego can certainly buy the stake, but it would take a pretty wealthy individual with a vested interest in helping the community, making some money and NFL football. So, I'm gonna lob someone out that could help keep the Chargers in place: Phil Mickelson.

The multiple Masters winner is a huge NFL fan, he's from San Diego, he has plenty of money and he's shown an affinity for smart business investments (see him owning all the Southern California franchise rights to Five Guys).

That's absolute conjecture (although I'm more than willing to play a round with Phil and discuss the matter, if he's free) but the point still remains -- while people around the Chargers will say that they don't have to get a non-L.A. investor to buy the minority share, it would certainly help keep the team in place.

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