Alex Spanos' 36% Chargers Stake To Be Inherited By Family Heirs
The death of Chargers Owner Alex Spanos "will pass on" a 36% stake in the franchise to his family heirs, according to a source cited by Tom Krasovic of the SAN DIEGO UNION-TRIBUNE. Alex Spanos' son, Chargers Chair Dean Spanos, will "remain control owner" of the franchise, a role he has held since NFL owners "approved him" in '06. Equal shares of 15% belong to Alex Spanos' "four adult children," including Dean, meaning that Spanos family members will "continue to own" a 96% share in the Chargers Football Company. The remaining 4% stake "belongs to holdovers from the Eugene Klein-headed ownership group." Because the 36% stake being passed on does "not include controlling interest in the club," the IRS' determination of its value is "expected to be less" than a 36% valuation of the franchise. Any tax payment that results from the inheritance "would not be due as a lump sum but could be spread out" (SAN DIEGO UNION-TRIBUNE, 10/10). PRO FOOTBALL TALK's Mike Florio cited a source as saying that Alex Spanos "commenced the process of planning for the transfer of the team" in '98. The goal was to "ensure that the Spanos family would be able to continue to own and operate the franchise for as long as they choose to do so" (PROFOOTBALLTALK.com, 10/9).
IN REMEMBRANCE: In San Diego, Nick Canepa writes as Chargers Owner, Alex Spanos "never managed to endear himself to San Diegans." Maybe it "would have helped had he not been an absentee owner" and left his native Stockton, Calif. He "always seemed the irascible outsider, although he spent a lot of time in San Diego and did so much anonymous charity work." Spanos' 10 years running the Chargers were "turbulent, at best." The "greatest thing" Spanos did was "hire Bobby Beathard as GM, who turned a horrible team" into a Super Bowl participant in '94 (SAN DIEGO UNION-TRIBUNE, 10/10). NFL.com's Jim Trotter wrote Spanos' demeanor was "direct, transparent, forceful." Loyalty "meant everything to him" and "so did family" (NFL.com, 10/9). Saints QB Drew Brees, who played for the Chargers, said of Alex Spanos, "You always felt like (Spanos) really cared about the team, really cared about the success of the team and whenever he would come around, he was very engaging with players, with coaches. You just felt like he really, really cared and that meant a lot" ("NFL Total Access," NFL Network, 10/9).