Sunday, 21 October, 2018

David Tepper close to agreeing $2.2 bn deal for Carolina Panthers

Minority Steelers owner David Tepper purchases the Carolina Panthers Report: NFL's Panthers to be sold to Tepper
Cecil Davis | 15 May, 2018, 23:11

Despite teaming up with Philadelphia 76ers owner Michael Rubin, Diddy's ownership group was NOT selected to purchase the National Football League team. instead, the new owner will be hedge fund manager David Tepper. He is now 5 percent owner of the Pittsburgh franchise and will be required to sell his stake in the Steelers. After being vetted, however, the sale is assumed to proceed without hitches.

The sale, which must be approved by at least three-quarters of the N.F.L.'s owners, comes five months after Richardson said that he would sell the team.

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.

Richardson, the Panthers' founder and owner, said he would sell the team in December, shortly after an article in Sports Illustrated linked him to allegations of sexual harassment.

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Since the announcement, there have been a handful of bidders who have expressed interest in buying the team. Richardson's investment group paid $206 million for the club, according to Forbes, after he was unanimously awarded a team by the league's owners on October 26, 1993.

Moving the Panthers out of Charlotte would seem to a longshot.

According to Ian Rapport of NFL Network, Tepper would like to see the Panthers stay in Charlotte.

He donated $55 million to Carnegie Mellon University's business school in 2013. Richardson promised fans at the time the Panthers would win a Super Bowl 'within 10 years.' Carolina has reached the Super Bowl twice, including in 2015, but has never won.