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Article: Spanos might be forced to sell Chargers by sister?
- By Psycho_X
- RAMS / NFL TALK
- 21 Replies
Seems relevant enough to our renters. I don't think this is April Fools lol.
www.latimes.com
Nathan Fenno
Thu, April 1, 2021, 11:41 AM
Los Angeles Chargers offensive guards Trai Turner (70) and Cole Toner (64) enter the field.
A legal petition filed in Los Angeles asks a judge to order the sale of the Chargers. (Lynne Sladky / Associated Press)
In an attempt to force the sale of the Chargers, a sister of controlling owner Dean Spanos filed a petition in Los Angeles County Superior Court on Thursday arguing that mounting debt has imperiled the family’s finances and the only solution is to put the NFL franchise on the market.
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. In addition, according to the filing, the trust doesn’t have a plan to pay more than $22 million it has pledged to charities.
“Every day that passes increases the risks that the charitable beneficiaries and the Spanos family legacy will suffer irreparable financial and reputational damage” the petition said.
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 fanbase in a market crowded with college and professional sports. They now have an emerging superstar at quarterback in Justin Herbert and share the $5-billion SoFi Stadium with the Rams.
But the 156-page filing raises questions about the future of the franchise owned by the Spanos family since 1984 and reveals a family dispute that until now had played out in private.
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. Berberian contends the situation is too dire to wait.
According to the filing, Berberian “attempted numerous times and numerous ways” to resolve the dispute. That included mediation with a retired L.A. County Superior Court judge that didn’t work.
“Dean refuses to consider a sale of the Trust’s Interest of the Chargers, insisting that the Co-Trustees continue to borrow more and more, and to force the charities and beneficiaries to wait for years and to ‘hope’ while Dean speculates further on a football team,” the petition said. “Dean has failed to present any plan to address the Trust’s bleak financial picture, because there is no other plan than the one urged by [Berberian]. Dean simply refuses to discuss it. … His plan is hope.”
In response to the filing, Dean Spanos and two of his siblings released a statement Thursday pledging to keep the team in the family. They said that, if necessary, they were prepared to buy their sister’s stake in the franchise.
“For the three of us, the Chargers is one of our family’s most important legacies, just as it was for our parents," the statement said. “Unfortunately, our sister Dea seems to have a different and misguided personal agenda.”
They said “operations of the Chargers will be entirely unaffected by this matter.”
Adam Streisand, the attorney for Berberian, declined to comment. Streisand previously represented Steve Ballmer in his purchase of the Clippers and Jeanie Buss in the legal fight that cemented her as controlling owner of the Lakers.
While Forbes valued the Chargers at $2.6 billion last year, Berberian's 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."
Nearly four decades ago, the family patriarch, Alex Spanos, purchased a majority interest in the San Diego Chargers for $40 million.
His four adult children — Alexandra Spanos Ruhl, Michael Spanos, Dean Spanos and Berberian — each owns 15% of the Chargers. The family trust controls 36% of the team with the remainder owned by nonfamily members. After Alex Spanos and his wife Faye died in 2018, Dean Spanos, the oldest of the four children, and Berberian were left as the sole co-trustees.
The stake in the Chargers makes up 83% of the trust’s holdings. The petition paints a bleak picture of its finances, estimating an annual shortfall of $11 million with little cash flow or reason to believe the numbers will improve. The debt includes $164 million “associated with the Trust’s Interest in the Chargers” and at least $75 million in estate tax.
“Rather than seeking to monetize illiquid assets in order to pay debts and liabilities, and make distributions to beneficiaries, the Co-Trustees have principally been borrowing, including borrowing money from one bank to pay another,” the petition said. “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.”
The petition asks the court to order Berberian and Spanos to take steps to sell the trust’s share of the Chargers and invoke a provision of trust law that would require the team's other shareholders to do the same.
Dean Spanos has controlled the team’s day-to-day management since 1994. His sons have key roles, too. John oversees the team’s football operations and A.G. heads the business side.
“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. “He also has support from other family members and beneficiaries (though not all).”
Before the Chargers moved to L.A. — the relocation led one columnist to brand Dean Spanos as the "most hated man" in San Diego — he kept a copy of his father’s autobiography in his office. A page was dog-eared for quick reference. It underscored the importance that family played in his decisions.
“A solid family foundation: This is the basis of everything,” the essential passage said. “Without family, you will be left emotionally empty, no matter how fabulous your accomplishments.”
Fate of Chargers' ownership at stake as Dean Spanos' sister asks court to force sale
A legal filing by Dea Spanos Berberian seeking to force the sale of the Chargers cites $353 million in family trust debt.
www.latimes.com
Nathan Fenno
Thu, April 1, 2021, 11:41 AM
Los Angeles Chargers offensive guards Trai Turner (70) and Cole Toner (64) enter the field.
A legal petition filed in Los Angeles asks a judge to order the sale of the Chargers. (Lynne Sladky / Associated Press)
In an attempt to force the sale of the Chargers, a sister of controlling owner Dean Spanos filed a petition in Los Angeles County Superior Court on Thursday arguing that mounting debt has imperiled the family’s finances and the only solution is to put the NFL franchise on the market.
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. In addition, according to the filing, the trust doesn’t have a plan to pay more than $22 million it has pledged to charities.
“Every day that passes increases the risks that the charitable beneficiaries and the Spanos family legacy will suffer irreparable financial and reputational damage” the petition said.
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 fanbase in a market crowded with college and professional sports. They now have an emerging superstar at quarterback in Justin Herbert and share the $5-billion SoFi Stadium with the Rams.
But the 156-page filing raises questions about the future of the franchise owned by the Spanos family since 1984 and reveals a family dispute that until now had played out in private.
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. Berberian contends the situation is too dire to wait.
According to the filing, Berberian “attempted numerous times and numerous ways” to resolve the dispute. That included mediation with a retired L.A. County Superior Court judge that didn’t work.
“Dean refuses to consider a sale of the Trust’s Interest of the Chargers, insisting that the Co-Trustees continue to borrow more and more, and to force the charities and beneficiaries to wait for years and to ‘hope’ while Dean speculates further on a football team,” the petition said. “Dean has failed to present any plan to address the Trust’s bleak financial picture, because there is no other plan than the one urged by [Berberian]. Dean simply refuses to discuss it. … His plan is hope.”
In response to the filing, Dean Spanos and two of his siblings released a statement Thursday pledging to keep the team in the family. They said that, if necessary, they were prepared to buy their sister’s stake in the franchise.
“For the three of us, the Chargers is one of our family’s most important legacies, just as it was for our parents," the statement said. “Unfortunately, our sister Dea seems to have a different and misguided personal agenda.”
They said “operations of the Chargers will be entirely unaffected by this matter.”
Adam Streisand, the attorney for Berberian, declined to comment. Streisand previously represented Steve Ballmer in his purchase of the Clippers and Jeanie Buss in the legal fight that cemented her as controlling owner of the Lakers.
While Forbes valued the Chargers at $2.6 billion last year, Berberian's 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."
Nearly four decades ago, the family patriarch, Alex Spanos, purchased a majority interest in the San Diego Chargers for $40 million.
His four adult children — Alexandra Spanos Ruhl, Michael Spanos, Dean Spanos and Berberian — each owns 15% of the Chargers. The family trust controls 36% of the team with the remainder owned by nonfamily members. After Alex Spanos and his wife Faye died in 2018, Dean Spanos, the oldest of the four children, and Berberian were left as the sole co-trustees.
The stake in the Chargers makes up 83% of the trust’s holdings. The petition paints a bleak picture of its finances, estimating an annual shortfall of $11 million with little cash flow or reason to believe the numbers will improve. The debt includes $164 million “associated with the Trust’s Interest in the Chargers” and at least $75 million in estate tax.
“Rather than seeking to monetize illiquid assets in order to pay debts and liabilities, and make distributions to beneficiaries, the Co-Trustees have principally been borrowing, including borrowing money from one bank to pay another,” the petition said. “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.”
The petition asks the court to order Berberian and Spanos to take steps to sell the trust’s share of the Chargers and invoke a provision of trust law that would require the team's other shareholders to do the same.
Dean Spanos has controlled the team’s day-to-day management since 1994. His sons have key roles, too. John oversees the team’s football operations and A.G. heads the business side.
“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. “He also has support from other family members and beneficiaries (though not all).”
Before the Chargers moved to L.A. — the relocation led one columnist to brand Dean Spanos as the "most hated man" in San Diego — he kept a copy of his father’s autobiography in his office. A page was dog-eared for quick reference. It underscored the importance that family played in his decisions.
“A solid family foundation: This is the basis of everything,” the essential passage said. “Without family, you will be left emotionally empty, no matter how fabulous your accomplishments.”
Goff Fails Physical. Returns to Los Angeles in 2021
- By Loyal
- RAMS / NFL TALK
- 23 Replies
You bastids....
Robert Woods Traded to the Miami Dolphins for Haul of Picks.
- By Memento
- RAMS / NFL TALK
- 25 Replies
...Well, it's not going to top the Jalen Ramsey thread I made last year, buuut...April Fool's!
Chris Webber’s Impassioned Message to Matthew Stafford | The Rich Eisen Show
- By CoachAllred
- RAMS / NFL TALK
- 6 Replies
Chris Webber A huge lions fan is super excited for his old QB and has a message for all the Stafford doubters.
I know it ain't much, but it's really slow and I'm just digging anything I can find to post at this point.
Login to view embedded media View: https://youtu.be/87lZgBUQ5V4
Extra
www.si.com
I know it ain't much, but it's really slow and I'm just digging anything I can find to post at this point.
Login to view embedded media View: https://youtu.be/87lZgBUQ5V4
Extra
Jim Mora: Rams, Matthew Stafford a match made in heaven
Former UCLA head coach says he never feared Jared Goff in college
www.si.com
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Locked
Taylor Rapp launches NFT to fight Anti-Asian hate
- By Psycho_X
- RAMS / NFL TALK
- 17 Replies
I completely don't understand the NFT thing that has been gaining popularity lately but this one is a noble cause by Rapp at least. But yeah, don't understand NFTs at all... guessing that makes me old as it seems more of a younger person thing.
www.coindesk.com
A young defensive back with the Los Angeles Rams is the latest pro athlete launching a non-fungible token (NFT), hoping to use the sale to raise money, and awareness, to combat the wave of anti-Asian hate crimes this year.
Taylor Rapp, the free safety entering his third season in the National Football League, completely lacks the star power of a Rob Gronkowski or a Patrick Mahomes, marquee players who leveraged their splashy brands into multimillion-dollar NFT sales earlier this month.
But the backfield starter, who said he’s been hustling with his co-creators for three weeks on their slapdash NFTs, told CoinDesk he hopes to make up the difference by focusing his sale on its anti-racist cause. He’s the only Chinese-American active in the NFL at a time when reports of hate crimes against Asians are surging.
“The whole reason behind making the collection was to raise money to donate to the AAPI community and, you know, my Asian community, because we’ve seen all the crazy horrific attacks every single day,” he told CoinDesk Tuesday, hours after New York City police began investigating the latest apparent anti-Asian assault in a year full of them.
Rapp hasn’t yet “locked in” what portion of the NFT sale he will donate to community organizations through GoFundMe’s $5 million #StopAsianHate campaign. But he said it will represent “a substantial amount” of the total.
The NFTs themselves, which do not feature team iconography and are not being released through a deal with the league, might shake the gargantuan NFL machine into addressing the attacks against Asians more forcefully, Rapp said.
He noted league officials issued a statement condemning the attacks under the hashtag #StopAsianHate in late February, “just like all the other big corporations” that he said are finally waking up to a problem that began with COVID-19 nearly one year earlier after the reports of the disease originating in Wuhan, China.
“I really hope the NFL sees this and the important message that is behind it in why I’m actually doing it,” Rapp said. “Hopefully, the Rams will be able to see that as well.”
NFTs for a cause
The NFTs lean heavily on Rapp’s Chinese identity. He’s calling them the “Year of the Ox” collection (a reference to this year’s Chinese zodiac sign) and said each carries a Chinese proverb his mother picked out as well as the Chinese character for “Ox” that he said his grandfather hand-painted.
Digital artists Elena Provolovich, Ryan Darwent, and David Bircham collaborated with Rapp on designing his six NFTs, only one of which is 1-of-1. The other images run as high as 24 copies and the total supply is 90. Darwent told CoinDesk his contribution takes after photography, though others in the collection more closely resemble a museum piece.
Many also come paired with real-world memorabilia, Rapp said, a concession for the “boomers” who, like his father, don’t buy into intangible digital collectibles. For his part, Rapp thinks NFTs have staying power.
He said the auction begins Thursday night on NFT marketplace OpenSea.
Rapp is hopeful the NFT buzz can serve as a vehicle for spreading awareness of Asian athletes, especially in the NFL where aspiring players face an uphill battle due to their underrepresentation in the league, he said.
“Going through the ranks of high school and college and NFL, you begin to see fewer and fewer people who look like you,” Rapp said, noting he had no such “role model” in the NFL while growing up.
“For me, it’s all about representation and being able to be that figure for” young players, he said.
NFL Player Taylor Rapp Is Launching an NFT to Fight Anti-Asian Hate
“I really hope the NFL sees this and the important message that is behind it in why I'm actually doing it,” Rapp said.
A young defensive back with the Los Angeles Rams is the latest pro athlete launching a non-fungible token (NFT), hoping to use the sale to raise money, and awareness, to combat the wave of anti-Asian hate crimes this year.
Taylor Rapp, the free safety entering his third season in the National Football League, completely lacks the star power of a Rob Gronkowski or a Patrick Mahomes, marquee players who leveraged their splashy brands into multimillion-dollar NFT sales earlier this month.
But the backfield starter, who said he’s been hustling with his co-creators for three weeks on their slapdash NFTs, told CoinDesk he hopes to make up the difference by focusing his sale on its anti-racist cause. He’s the only Chinese-American active in the NFL at a time when reports of hate crimes against Asians are surging.
“The whole reason behind making the collection was to raise money to donate to the AAPI community and, you know, my Asian community, because we’ve seen all the crazy horrific attacks every single day,” he told CoinDesk Tuesday, hours after New York City police began investigating the latest apparent anti-Asian assault in a year full of them.
Rapp hasn’t yet “locked in” what portion of the NFT sale he will donate to community organizations through GoFundMe’s $5 million #StopAsianHate campaign. But he said it will represent “a substantial amount” of the total.
The NFTs themselves, which do not feature team iconography and are not being released through a deal with the league, might shake the gargantuan NFL machine into addressing the attacks against Asians more forcefully, Rapp said.
He noted league officials issued a statement condemning the attacks under the hashtag #StopAsianHate in late February, “just like all the other big corporations” that he said are finally waking up to a problem that began with COVID-19 nearly one year earlier after the reports of the disease originating in Wuhan, China.
“I really hope the NFL sees this and the important message that is behind it in why I’m actually doing it,” Rapp said. “Hopefully, the Rams will be able to see that as well.”
NFTs for a cause
The NFTs lean heavily on Rapp’s Chinese identity. He’s calling them the “Year of the Ox” collection (a reference to this year’s Chinese zodiac sign) and said each carries a Chinese proverb his mother picked out as well as the Chinese character for “Ox” that he said his grandfather hand-painted.
Digital artists Elena Provolovich, Ryan Darwent, and David Bircham collaborated with Rapp on designing his six NFTs, only one of which is 1-of-1. The other images run as high as 24 copies and the total supply is 90. Darwent told CoinDesk his contribution takes after photography, though others in the collection more closely resemble a museum piece.
Many also come paired with real-world memorabilia, Rapp said, a concession for the “boomers” who, like his father, don’t buy into intangible digital collectibles. For his part, Rapp thinks NFTs have staying power.
He said the auction begins Thursday night on NFT marketplace OpenSea.
Rapp is hopeful the NFT buzz can serve as a vehicle for spreading awareness of Asian athletes, especially in the NFL where aspiring players face an uphill battle due to their underrepresentation in the league, he said.
“Going through the ranks of high school and college and NFL, you begin to see fewer and fewer people who look like you,” Rapp said, noting he had no such “role model” in the NFL while growing up.
“For me, it’s all about representation and being able to be that figure for” young players, he said.
17-game season: Here's a look at the NFL's 16-game records
- By ROD-BOT
- RAMS / NFL TALK
- 0 Replies
NFL 17-game season official: Here's a look at the NFL's individual 16-game records
These records were never broken during a 16-game regular season
www.cbssports.com
After 43 years of 16-game regular seasons, NFL owners have voted in favor of adding a 17th game to the schedule for the 2021 season. Adding one more game to the schedule was something that was included in the 2020 collective bargaining agreement, along with the expanded playoff field, which was immediately implemented.
From a historical standpoint, adding another game to the schedule will likely result in each of the league's previously existing single-season records being broken. And while the history books will not distinguish between 16- and 17-game seasons, the following records will -- at least unofficially -- forever stand as the NFL's individual records for a 16-game regular season. Some of these records (specifically the passing records) could be broken as early as this season. Eric Dickerson's rushing record, however, may continue to stand as the all-time record for quite some time.
Here's a look at the notable individual NFL records for a 16-game season, records that are now frozen in time.
Passing yards: Peyton Manning - 5,477 (2013 with Broncos)
- The league's MVP that season with the Broncos, Manning broke Drew Brees' previous mark (set in 2011) by a single yard. Prior to Manning's 2013 season, the NFL's greatest passing season belonged to Dan Marino, who threw for 5,084 yards and 48 touchdowns (astonishing numbers for that time) in 1984.
- Manning's 55 touchdowns broke the previous record held by Tom Brady, who threw 50 touchdowns during the Patriots' perfect 2007 regular season.
- The all-time record is held by George Blanda, who tossed 42 picks during the 14-game 1962 season. Hall of Famers Fran Tarkenton (32 in 1978 with Vikings) and Ken Stabler (30 in 1978 with Raiders) along with Richard Todd (30 in 1980 with Jets) and current Saints quarterback Jameis Winston (30 in 2019 with Bucs) were the only other quarterbacks to throw at least 30 interceptions during a 16-game season.
- A few were close, but no running back was able to break Dickerson's 16-game rushing record set with the Rams. The closest anyone came to catching Dickerson was Adrian Peterson, who finished with 2,097 rushing yards in 2012 with the Vikings.
- A fantasy football legend, Tomlinson's 28 touchdowns in 2006 broke a tie between Shaun Alexander (2005) and Priest Holmes (2003) for the all-time record. Tomlinson was named league MVP during his record-breaking season.
- Considering the NFL's current running backs-by-committee trend, Johnson's record may go unchallenged for a while.
- The current Saints receiver broke Marvin Harrison's previous mark of 143 catches set during the 2002 season. Antonio Brown and Julio Jones are tied for third after both players caught 136 passes in 2015.
- "Megatron" broke the previous mark held Jerry Rice, who tallied 1,848 receiving yards in 1995. The second and third all-time marks are held by Julio Jones, who came within 93 yards of matching Johnson's record in 2015. With the addition of a 17th game, expect the league's first 2,000-yard receiving sometime in the very near future.
- Moss broke the record previously held by Rice, who caught 22 touchdowns in just 12 games in 1987. Davante Adams' 18 touchdowns in 2020 puts him in a tie for third place with Mark Clayton(1984) and Sterling Sharpe (1994).
- Sproles broke Derrick Mason's 11-year-old record by 6 yards. During his record-breaking season, Sproles rushed for 603 yards (while averaging 6.9 yards per carries), tallied 703 receiving yards and racked up 1,383 punt/kickoff return yards.
- While controversy surrounded his final sack, Strahan nevertheless broke Mark Gastineau's 17-year-old record in the final moments of the 2001 season. Jared Allen came within one sack of breaking Strahan's record in 2011.
- Carr's record was set during the Texans' inaugural season. Carr broke the record formerly held by Randall Cunningham, who was taken down 72 times during the 1986 season. Carr was sacked 68 times -- the third-highest total in league history -- in 2005.
- Current Ravens cornerback Marlon Humphrey finished two forced fumbles shy of matching the all-time record in 2020. Cardinals pass rusher Chandler Jones and T.J. Watt each finished with eight forced fumbles (tied with Humphrey for seventh all time) in 2019.
- Watt actually holds the top three spots on this list. He racked up 29 tackles for loss during the 2014 and 2015 seasons. Chandler Jones (28 in 2017) and Von Miller (28 in 2012) are tied for fourth on the all-time list.
- Night Train Lane's 14 interceptions in the 12-game 1952 regular season remains the all-time record. But the 16-game record belongs to Hayes, who had three more interceptions called back due to penalty during his remarkable 1980 campaign. Hayes' play that season helped the Raiders win their second Super Bowl.
- "Revis Island" is responsible for the most pass breakups in NFL history. Revis broke a first place tie that was formerly shared by Sheldon Brown (27 in 2005) and Troy Vincent (27 in 2001).
- Lewis' 156 tackles is 20 more than the second-highest total (Patrick Willis, 2007). Lewis tallied at least 100 tackles eight times during his Hall of Fame career.
- Akers and Neil Rackers (40 in 2005) are the only players to make at least 40 field goals in one season. Current Ravens kicker Justin Tucker is tied for sixth all time with 38 made field goals during the 2013 and 2016 seasons.
- Howard's stellar 1996 campaign ended with him becoming the first player to win Super Bowl MVP. His 99-yard kickoff return was the final touchdown scored in Green Bay's 35-21 win over New England in Super Bowl XXXI.
- The former Cardinal is the only player with at least 2,000 kick returner yards. Josh Cribbs (1,809 yards in 2007) and Michael Lewis (1,807 yards in 2002) are the only other players with more than 1,800 return yards.
- Former Browns returner Josh Cribbs (2,214 yards in 2007) is the only player who has come close to matching Lewis' record.
- Peterson and Hester are tied for first with former Lion Jack Christiansen (1951) and former Bronco Rick Upchurch (1976).
- The all-time record is still held by Cecil Turner (1970) and Travis Williams (1967). Raymond Clayborn (1977), Gale Sayers (1967) and Abe Woodson (1963) returned three kickoffs for touchdowns during 14-game seasons.
