Minority owner of the Pittsburgh Steelers David Tepper is expected purchase the Carolina Panthers and keep them in Charlotte, ESPN's Seth Wickersham and Adam Schefter reported.
Tepper, founder of the global hedge fund firm Appaloosa Management, owns five percent of the Steelers and is “committed” in keeping the team in Charlotte, according to the report.
Tepper will purchase the Panthers for $2.2 billion in cash Tuesday which would break the record for an NFL team, previously set when the Buffalo Bills were purchased for $1.4 billion in 2014, the Charlotte Observer’s Katie Peralta reported.
Peralta also reported it is unknown whether Tepper will have minority partners, what he plans to do with Charlotte’s Bank of America Stadium and PSL owners and what his staffing plans are for the team.
The deal, which would be signed Tuesday, is expected to be approved the NFL financial committee and at least 75 percent of all 32 team owners at the next NFL owners meetings on May 22 in Atlanta.
Current Panthers owner Jerry Richardson announced he would sell the team after accusations of inappropriate workplace behavior surfaced in December.
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