Chargers co-owner wants team sold to relieve debt in NFL family feud

The sister of Los Angeles Chargers chairman Dean Spanos is trying force the sale of the team because of mounting debt and said team ownership can’t afford to keep borrowing money and “hope” while Spanos speculates further on a football team, according to a lawsuit filed Thursday.

Dea Spanos Berberian is one of four Spanos siblings who control the Spanos Family Trust, which in turn owns 36% of the franchise. Each sibling owns an additional 15% of the franchise, giving the family nearly 100% ownership.

The suit said the trust’s debts and expenses exceed $353 million and that the trust has “virtually no income and no liquidity.”  It also said the trust is liable for over $22 million pledged to charities.

“The Trust’s Interest in the Chargers must be sold so that debts can be discharged, the hemorrhaging can stop, the speculation and risk can be eliminated, and the beneficiaries can actually enjoy the benefit of their inheritance as the settlors intended,” said Berberian’s petition, obtained Thursday by USA TODAY Sports.

NFL POWER RANKINGS: Free agency, pre-draft trades boost Rams, 49ers, Cowboys

Source: Read Full Article