Articles in Los Angeles Times The claims about sudden and unexpected dysfunctions in Chargers’ ownership have attracted great attention. However, this statement is actually not accurate.
The argument goes like this: Dean Spanos has promised to hire an investment banker after the 2024 season to find a buyer for the team. This dispute is considered to be the broader intention of the selling team.
First, the trust of the Litigation Center only owns 36% of the patent rights. The remaining 64% is not directly related to litigation. (However, there are important indirect connections. Please keep reading, it will make sense in the end.)
The promise of hiring investment bankers involves identifying potential opportunities for members of the Spanos family to sell their shares on trust (four siblings each account for 9%). Any member of the Spanos family who decides to sell the portion held by the trust will have the right of first refusal, which will enable the remaining family members to buy other members at a price offered by potential external buyers. .
People familiar with the matter explained to PFT that since being transferred to Los Angeles, Dea Spanos Berberian has always wanted to sell shares in his team. Dean Spanos mentioned in his letter in 2019 that the future hiring of investment bankers will come directly from Dea Spanos Berberian’s willingness to sell. The letter did not contain any agreement regarding the sale of the team.
This is the main language of this letter, which is attached to the petition submitted by Berbers as Annex 3: In season 5, I agree to retain Dea in the new SOFI stadium as my manager and on behalf of the company, Michael With the sales of investment banking marketing companies that Alexis can reasonably accept, I will cooperate in such marketing activities to maximize the benefits of all members. During the hiring process, I will begin the process to interview and identify qualified investment banking companies in order to reasonably make statements to Dea, Michael and Alexis before retaining them, and arrange meetings between the parties. If any member wishes to sell his or her interest in the company through the above procedures or at any other time, I hereby agree to the transaction in advance, subject to the NFL’s rules on such transactions, the priority purchase mentioned in E. above right. “
In English, this means that Dean Spanos will retain an investment banker after 2024 to find 36% of potential buyers for the team, which is for the four families of Spanos Member and trust. If/when one of these family members owns the buyer’s shares, the remaining family members will have the right to match that part of the offer. If they do not, family members who want to sell their rights will be able to do so.
Of course, someone like Jeff Bezos may offer one or more offers to individuals, and these offers cannot be rejected individually or matched collectively. After 2024 or at any time, there is still no clear commitment to sell 36% of the team’s shares.
Berberian hopes to use a lawsuit to force the sale of the entire interest (36%) of the Chargers organization, which is owned by a trust company, and she and her siblings each hold 9% of the team’s shares. We believe that she did this for a very simple reason. She knows that if it is sold as part of the 36% of the team, she will get 9% benefit, and in the end, if the buyer tries to get only 9% benefit by buying, she will get more benefit. trust.
She will get more because, together with the 15% equity that she and her three siblings each own in the team, forcing the sale of all 36% of the shares held by the trust will allow external buyers to add up to Berberian 15% Share. That’s 51% of the team, fully control it.
This reality makes Berberian’s 24% interest in the FAR team more valuable than the 9% she can sell through trust and the 15% she can sell on her own.
By forcing a 36% share sale and packaging it into a 15% share, Dea Spanos Berberian can take Bezos or someone else’s ability to take over the team — a kind of all available equity that brings greater value to anyone.