That was the year after Nixon — who called San Diego his "lucky city" due to the outsized influence on the electorate of Jim Copley's Union and Tribune — lost the presidency to John F. Kennedy. Alexander Gus Spanos (September 28, 1923 – October 9, 2018) was an American billionaire real estate developer, founder of the A. G. Spanos Companies, and the majority owner of the Los Angeles Chargers of the National Football League (NFL). No, the family didn't have to wait to sell it. Building a major project in Hillcrest can be a precarious task for developers.  Spanos earned varsity letters in swimming and diving at the University of the Pacific in Stockton and later distinguished himself as an amateur golfer. I started out in the statistics department of Forbes in the mid-'80s then transitioned to writing. In 1984 Hilton and Hilton Hotels finally cut their ties to Korshak and "purged themselves of any questionable associations," before finally getting their New Jersey casino license in June 1991. Stockton apartment baron Alex Spanos would acquire control in 1984 for about $80 million. Photo I shot through the window sometime back. CUC's stock subsequently crashed and the CEO was convicted of fraud. Dean, who had been running the day-to-day operations of the Chargers since the early 1990s, gave that job to his son, A.G., three years ago. The Chargers and the Rams (who moved from St. Louis) both had to pay the NFL a relocation fee of $650 million, which went to the league’s team owners.  He invested his earnings in real estate and at the suggestion of his tax accountants, started to build apartments. I even wrote an Earnings Quality newsletter for Forbes for a brief period (I think it peaked at about 150 subscribers).  Over the next 10 years, he bought out the shares of several small co-owners, bringing his control of the team to 97%. Both the Chargers and the Rams had an option of paying $65 million a year for 10 years or prepaying $550 million. Hopefully this will expedite the sale of the empty eyesore restaurant property in Hillcrest. . We may now understand why the next Pernicano generation lacked interest in keeping those Hillcrest restaurants open after the old guy gave up. Spanos was inducted into the California Building Industry Hall of Fame in 2005. The tax increase was to repay $1.15 billion in bonds, leaving the Chargers and the NFL to pay the remaining $650 million. Besides being an Assistant Managing Editor at Forbes I also have a gig as co-host and Managing Editor of the four-time New York Emmy award winning Forbes SportsMoney on the YES Network and Fox Sports 1 with my buddies at YES, co-host Bob Lorenz and producer David Alfreds, both of whom have taught me a tremendous amount. We recently valued the Chargers at $2.275 billion ($1.9 billion net of debt), ranking them 22nd in the 32-team league, with a nearly 32-fold increase over Spanos' purchase price. He invested his earnings in real estate and at the suggestion of his tax accountants, started to build apartments. Richard Nixon, the mob, and the Copley Press each play more than bit parts in the lucrative tale of intrigue and subsidies that began with spending a major chunk of San Diego tax money to lure the Chargers to San Diego from Los Angeles back in 1961. Dean Alexander Spanos (born May 26, 1950) is the chairman and owner of the National Football League (NFL)'s Los Angeles Chargers franchise. George Pernicano With this week's death of Chargers minority owner George Pernicano at 98, his heirs may be looking at a $60 million payout from his … (AP Photo/Ben Margot). Spanos's mother even left the family home for two years and attempted to take two children with her, but his parents reunited when he was a teenager and remained married until his death. Rather than expand his exposure to real estate by privately financing a new stadium in San Diego, Spanos decided to move the Chargers to Los Angeles, into a new stadium being built by Stan Kroenke for his Los Angeles Rams where the Chargers would be tenants rather than owners or operators. The average National Football League franchise is worth $2.57 billion — $470 million more than the Kansas City Chiefs. In addition, John DeLorean, who would later create the eponymous sports car that brought him to ruin, bought out San Diego grocery chain owner John Mabee's 20 percent.
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