NFL
Chargers Owner Alex Spanos Dies At Age 95
The Los Angeles Chargers announced on Tuesday that their team owner Alex Spanos has passed away. Spanos founded A.G. companies, one of the biggest apartment developers in the United States. The company helped Spanos build a bulk of his $2.4 billion fortune.
In loving memory of Alex Spanos pic.twitter.com/aC3HC89AHR
— Los Angeles Chargers (@Chargers) October 9, 2018
Life Before Football
Spanos is mostly known for his impact on the Chargers franchise as well as his namesake company. However, his roots go much deeper. While many may think of the huge amount of wealth Spanos has built, it wasn’t always that way for him. The California native was the son of an impoverished Greek immigrant.
When The Great Depression hit his family, they had to sleep three to a bed. The family was so impoverished that they could only afford one hot bath a week, one that the children shared. That lack of wealth continued to batter Spanos so much, that he borrowed $800 from a Stockton banker in 1954.
Spanos used that money to buy a panel truck that he sold sandwiches out of. Spanos would eventually use the profits garnered to make several successful land and building investments. Just six years later, he would find his company, A.G. Spanos.
Chargers Acquisition
Spanos acquired 60% of the Chargers franchise in 1984 for $70 million. Moreover, Spanos would proceed to increase his family’s stake in the franchise to 97 percent. Daily operations of the franchise would be relinquished to Dean Spanos, son of Alex Spanos, in 1994. Furthermore, the franchise would reach the Superbowl the same year.
RIP Alex Spanos. Thank you for your support of San Diego and leading the Chargers to a Super Bowl. ⚡️ pic.twitter.com/ewSRfj61Wj
— Ben Lacy (@bennlacy) October 9, 2018
Spanos’ Legacy
In addition to Dean running the Chargers franchise, Alex’s grandson’s John and AG would gain control of operations with Dean’s blessings. Notably, the Chargers daily operations are now being run by its third generation of Spanos’ as a result. The Chargers were moved to Los Angeles in 2017. The franchise is now valued at $2.275 billion.
Spanos Family Statement on the Passing of Family Patriarch Alex Spanos » https://t.co/esg3mF76bm pic.twitter.com/A8GHn4Xpjz
— Los Angeles Chargers (@Chargers) October 9, 2018
Photo Credit
Featured Image courtesy of .sanden.
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