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

NFL Rumors: David Tepper (Not Diddy) Expected To Become Panthers Owner
Steelers minority owner David Tepper finalizing deal to purchase Panthers
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17 May, 2018

Billionaire hedge fund manager David Tepper is close to finalizing a deal for the NFL's Carolina Panthers, according to the NFL Network and ESPN. The deal would then have to be approved at the National Football League owners meeting in Atlanta on May 22.

On the evening of December 17, Richardson announced in a public letter that he would sell the team after the season.

Since 2009, he's owned a 5% stake of the Pittsburgh Steelers, an investment he will have to sell in order to buy the Panthers.

► $1.2 billion - Miami Marlins (2017): Yankees legend Derek Jeter and a group led by NY businessman Bruce Sherman purchased the Marlins from then-owner Jeffrey Loria. "It has been a remarkable 25-year journey and I promise to build upon the Panthers' success on the field and in the community". Tepper founded the Appaloosa Management global hedge fund.

On Tuesday, sources told Rapoport that the sale of the team may be completed by the end of the day.

The release didn't mention if Tepper plans to move the team or keep it in Charlotte.

Late past year, Carolina Panthers owner Jerry Richardson, announced his decision to sell the team following a Sports Illustrated report which outlined some of Richardson's alleged sexual and racial misconduct toward former employees. Richardson immediately put the team up for sale, looking for only its second owner in team history.

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How do you feel about the sale of the Carolina Panthers?

Tepper, widely known for his philanthropy, had donated $55 million to Carnegie Mellon University's business school in 2013.

"I look forward to turning the stewardship of the Panthers over to David Tepper", Richardson said. "They had confidence in him". The team was sold after previous owner Frank McCourt included the franchise in a Chapter 11 bankruptcy filing. Now, with the purchase of the Carolina Panthers, Mr. Tepper will have to sell that stake.

But who exactly is Tepper?

Prior to the 2016 presidential election, he said in an interview with CNBC, "You have one person with questionable judgment and the other person may be demented, narcissistic and a scumbag". He contended Trump did not give money in the wake of some New York-area disasters.

"During the financial crisis, during Sandy, not one dime". The owners are scheduled to meet next Tuesday and Wednesday in Atlanta and could vote then to ratify the deal, which would complete the process put in motion past year after Richardson was accused of workplace misconduct. It just was a turning point.


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