football

David Tepper buying Carolina Panthers for record-setting price of $2.2B

The sale is set to be approved at the owners' meetings in Atlanta on May 22 and requires approval from the NFL financial committee and also from three-fourths of the league's owners.


Kahron Spearman


Pittsburgh Steelers minority owner David Tepper is expected to sign an agreement Tuesday to buy the Carolina Panthers, according to ESPN.

 

The highly successful hedge fund entrepreneur will reportedly keep the team in Charlotte. 

 

The outlet confirmed that the Panthers would be sold for $2.2 billion, a record for NFL teams and roughly the same price the NBA's Houston Rockets franchise was recently sold for.

Panthers owner-to-be David Tepper wants Carolinas football side of the business to mirror the Steelers. Tepper wants continuity, stability, progressive thinking on player contract extensions, and not setting the market on free agents. He wants the Steeler way in Carolina.

Adam Schefter
ESPN NFL insider

His purchase will mean he must sell his stake in the Pittsburgh Steelers. Helping him considerably, because he's already a minority owner in an NFL team, Tepper has been league-vetted which streamlines his purchase of the Panthers.

 

The sale is set to be approved at the owners' meetings in Atlanta on May 22 and requires approval from the NFL financial committee and also from three-fourths of the league's owners.

 

Founder of global hedge fund Appaloosa Management, Tepper has a net worth of $11 billion, according to Forbes. Under NFL rules, Tepper must put up 30 percent (minimum) of the selling price up front, and there could be some minority owners entering the picture.

SOU  RCES