The Los Angeles Chargers are in advanced discussions to sell a minority stake to Arctos Partners, marking the latest potential deal between an NFL franchise and a private equity investor, according to a report by Bloomberg citing unnamed sources familiar with the matter.
If completed, the transaction would make the Chargers the third NFL team to strike a deal with a private equity firm, following a rule change by the league that opened the door for institutional capital to acquire up to 10% ownership in teams. Talks with Arctos are currently the furthest along among the four NFL-approved private equity groups, though a deal is not guaranteed, the sources said.
Specifics regarding the size of the potential stake and the valuation of the team remain undisclosed. Arctos declined to comment, and the Chargers did not respond to a request for comment.
The NFL’s shift in ownership rules has drawn significant interest from private equity firms. Arctos, which was among the first to capitalise on the rule change, acquired a 10% stake in the Buffalo Bills in December. That transaction followed a high-profile deal in which Ares Management acquired a 10% stake in the Miami Dolphins and related assets — including Hard Rock Stadium and the Miami Grand Prix — at an $8.1bn valuation.
Founded in 2019 and based in Dallas, Arctos Partners has rapidly become one of the most prominent sports-focused investment firms. It is the first private equity fund to be approved for investments across all five major North American sports leagues. Its portfolio includes minority stakes in over 20 professional franchises, such as the Golden State Warriors (NBA), Los Angeles Dodgers (MLB), Pittsburgh Penguins (NHL), and Chicago Cubs (MLB).
The Chargers’ ownership has faced turbulence in recent years. The franchise is controlled by various members of the Spanos family, but internal disputes have complicated governance. In September, Dea Spanos Berberian sold her 24% stake in the team to billionaire investor Tom Gores, owner of the NBA’s Detroit Pistons. Gores also purchased an additional 3%-1% from each of Berberian’s three siblings — as part of a broader resolution of a long-standing legal battle within the family.
