Panthers announce sale of team to hedge fund manager David Tepper
David Tepper and the Carolina Panthers have agreed to a sales agreement, the team announced Wednesday.
Tepper, the founder of the global hedge fund firm Appaloosa Management, is reportedly purchasing the Panthers for a final price $2.275 billion— a record purchase price for a United State’s sports franchise, according to NFL Network’s Ian Rapoport
The sale to Tepper, a minority owner of the Pittsburgh Steelers since 2009, must be confirmed by at least 75 percent of NFL owner at next NFL owners meeting on Tuesday in Atlanta. The team said the deal is expected to close in July.
“I am thrilled to have been selected to be the next owner of the Carolina Panthers,” Teppersaid in a statement. “I have learned a great deal about the community and the team over the past several months and look forward to becoming part of the Carolinas. I want to thank Jerry Richardson and the other Panthers partners for all they have done to establish and develop the NFL in the Carolinas. It has been a remarkable 25-year journey and I promise to build upon the Panthers’ success on the field and in the community.”
Current Panthers owner Jerry Richardson announced he would sell the team quickly after accusations of inappropriate workplace behavior surfaced in December.
