Carolina Panthers announce sale agreement with David Tepper

Paola Ditto
Mag 16, 2018

In the announcement he said: "I am thrilled to have been selected to be the next owner of the Carolina Panthers".

American hedge fund manager David Teppers speaks at The Robin Hood Foundation's 2014 Benefit at the Jacob Javitz Center on May 12, 2014 in New York City.

The Carolina Panthers and the National Football League have reached an agreement, in term, with a Florida-based hedge fund manager to be the team's next owner, the team reported Wednesday morning.

Tepper's agreed-to purchase price of the Panthers easily surpasses the $1.4 billion Terry and Kim Pegula paid for the Buffalo Bills just four seasons ago.

Tepper is a minority owner in the Pittsburgh Steelers.

The purchase is subject to a vote among team owners, who are scheduled in meet in Atlanta next week.

Now Tepper is worth $11 billion, a big chunk of that from his bet on Bank of America stock.

Tepper is expected to be more outspoken that the relatively recluse Richardson, who hasn't granted an interview with the media in more than a decade.

Tepper Statement
It's official: David Tepper named new owner of Carolina Panthers

He said he believed Trump was dishonest.

A noted philanthropist, Tepper told CNBC's Squawk Box the day before the presidential election that Trump "masquerades as an angel of light, but he is the father of lies".

Former owner Jerry Richardson announced in December that he would sell his principal stake after the team started investigating him for "workplace misconduct". "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", Tepper said. "I wish David and his family the very best as they enter this exciting new phase of their lives".

Forbes ranked the team 21st out of the NFL's 32 teams with a value of $2.3 billion.

There are several things that may have impacted the final price and interest from bidders.

The transaction is expected to close in July, the team announced. He was also accused of using a racial slur toward a team scout. Richardson said in 2009 that his family owns 48% of the team, according to The Charlotte Observer.

Richardson is the highest-profile owner in pro sports to sell a team under ignominious circumstances since 2014, when Donald Sterling was banned from the National Basketball Association for life for making racist comments that were privately recorded and released.

Sterling was essentially forced to sell the Los Angeles Clippers.

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