Who’s got it better than us?
A multi-billionaire who owns an NBA team and who just bought a fairly sizable chunk of an NFL team. (“Nobody” really is catchier.)
PFT has confirmed that Detroit Pistons owner Tom Gores has finalized a deal to purchase 27 percent of the L.A. Chargers. Although Tom Gores serves as Chair and CEO of the Platinum Equity private equity fund, he’s purchasing the interest in his individual capacity.
Gores will have no control or path to control, and he will have no day-to-day involvement in the Chargers.
He’s essentially buying out Dea Spanos Berberian, the sister of controlling owner Dean Spanos. The move resolves a protracted Spanos family dispute that resulted in multiple pieces of litigation.
The price to be paid for the 27-percent share isn’t known. That number would reveal the valuation of the team. Some in league circles believe that NFL franchises are inching closer and closer to a base value of $8 billion to $10 million. The record sale happened in 2023, when a group led by Josh Harris bought the Commanders for $6.05 billion.
The purchase is expected to be approved by the league’s owners next month, at their regularly-scheduled quarterly meeting.