David Tepper To Buy Carolina Panthers

Heather Diaz
May 15, 2018

CHARLOTTE, N.C. (AP) - The Carolina Panthers are being sold for an NFL-record $2.2 billion. David Tepper, who now owns a minority stake in the Pittsburgh Steelers (he will sell before officially being made the Carolina owner) will buy the Panthers for a whopping figure of approximately $2.2 billion.

NFL Network's Ian Rapoport mentioned Tuesday morning that the sale of the Carolina Panthers to Florida hedge fund manager David Tepper was "moving along as all sides have hoped".

The price of the Carolina Panthers has reached $2.5 billion, according to people familiar with bids for the National Football League team, which would set a record for a US professional sports franchise.

David Tepper, president of Appaloosa Management and a minority owner of the Pittsburgh Steelers, looks on from the sideline before a game between the Steelers and the Tampa Bay Buccaneers at Heinz Field on September 28, 2014 in Pittsburgh, Pennsylvania.

The 81-year-old Richardson put the team up for sale in December following allegations of misconduct.

The deal would be expected to be approved at the owners meetings in Atlanta on May 22.

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Tepper, 60, who made his fortune in hedge funds, is estimated to have a net worth of $11 billion, so this is nothing more than a proverbial drop in the bucket.

Since the announcement, there have been a handful of bidders who have expressed interest in buying the team.

This is not to say that Tepper doesn't occasionally act like a billionaire.

Tepper is known for his philanthropy.

"The economy's really good right now, despite different things", Tepper told a business school student at Carnegie Mellon University last month, according to Sports Illustrated.

Richardson has been the only majority of the Panthers.

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