Spanos family won’t need to sell because of property taxes
When the patriarch of a family that owns an NFL franchise passes away, one of the most important questions is whether the transfer of his stake to other family members will trigger the type of bond. estate tax that will prevent the family from paying. taxes without selling all or part of the team. For the Chargers, the passing of Alex Spanos won’t force the family to sell.
According to a source with knowledge of the situation, Alex Spanos began the planning process for the team transfer in 1998. The goal was to ensure that the Spanos family would be able to continue to own and operate the franchise for so long. that she choose to do so.
And they choose to do it; according to the source, the family will not sell any team members and no plan exists to sell any of the team members in the future.
The process began with the transfer of 60 percent of the team to her four children 20 years ago. In 2006, Dean Spanos (pictured) became the majority owner, which is what the league needs to vote franchise. Regardless of how the percentages are distributed among family members, a person must have the title of majority owner.
Thus, Dean Spanos will continue to be the majority owner. Dean Spanos and his three siblings (Michael, Dea and Lexi) will continue to own 60% of the squad.
Alex Spanos and his late wife, Faye, have retained 36% of the squad. Plans were put in place in 1998 to manage the transfer of this interest and the payment of inheritance tax. According to the source, the 36% will remain in the Spanos family.
The remaining four percent of the team continue to be owned by people who date back to when Gene Klein owned the team.
Thus, 96% of the assets belonged to the Spanos family, and 96% of the assets will remain in the Spanos family, with inheritance tax not being a problem.