Dean Spanos Likely To Be Forced To Sell Chargers After Debt Surpasses $350 Million

The Chargers ownership situation is in limbo, and Chargers fans in San Diego are wishing this could have just taken place before Dean Spanos shipped the team out to LA.

Dea Spanos, sister of controlling owners of the Chargers, Dean Spanos, has filed a petition in Los Angeles County Superior Court on Thursday urging the courts to force her brother to sell the team, citing mounting debt that has allegedly imperiled the family’s finances.

“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.

“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,” Berberian’s court filing 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.”

Spanos, who has held majority stake in the team since 1984, has amounted $353 million in debt tied to the family’s trusts and most of his net worth is tied to the team. Dean has been forced to list his $17 million La Jolla, CA mansion for sale and has also sold his $5 million Ferrari.

Last year, Forbes valued the team at $2.6 billion, and Amazon Founder Jeff Bezos has expressed interest in buying a team recently, and this could be the perfect opportunity.