Los Angeles Chargers owner Alex Spanos died Tuesday morning. He was 95.
The Chargers announced the news on their official website.
"We have no words that can adequately express our sadness with his passing," the team wrote in the statement. "We will continue to honor his legacy by dedicating ourselves to making a difference in the community and throughout our country."
The California native founded A.G. Spanos Companies, a United States development firm focused on residential and commercial construction, in 1960.
Forbes noted the Spanos patriarch and his family accumulated a $2.4 billion net worth.
He originally purchased 60 percent of the Chargers, then located in San Diego, to give him majority control in 1984. The family's stake increased to 97 percent over the next decade.
Spanos ceded daily operations of the franchise to his son Dean, one of his four children, in 1994. Dean Spanos transitioned those powers to his sons, John and AG, in 2015:
"They've both worked in the business since they were in high school, and they've pretty much been running our football and business operations for the last several years. It's their passion and their desire to continue the legacy of this family, and it's really set up perfectly for that right now. When my dad [Alex Spanos] purchased the team in 1984, he said, 'It's something I want to keep in the family forever.' This is the beginning of a transition to the third generation in our family."
The Chargers moved from San Diego to L.A., where the organization was based for one year following its creation in 1960, ahead of the 2017 season.
Forbes listed the Bolts' worth at $2.275 billion in its 2018 team valuations.
Along with A.G. Spanos Companies and the Chargers, the team noted Spanos was involved in several "worthy causes and charities," including "hospitals, universities, scholarship funds, youth programs, sports programs, churches [and] schools" with his wife, Faye.