David Tepper close to agreeing $2.2 bn deal for Carolina Panthers
The hedge fund manager is close to completing the purchase of the NFL franchise from Jerry Richardson for $2.2 billion according to reports.
The Carolina Panthers are expected to have a new owner soon. The NFL franchise looks set to be purchased by hedge fund manager, David Tepper, who is reportedly worth $11 billion as the founder of Appaloosa Management.
The Panthers' current owner, Jerry Richardson, put the team up for sale after accusations of sexual misconduct and the use of racist language in the workplace came to light. NFL report, Ian Rapoport, says the deal is moving along nicely and could be finished as soon as Tuesday.
According to reports, the sale would be worth $2.2 billion and Tepper is reportedly keen to keep the team in Charlotte. After being cleared by the NFL - he must first sell a minority share he currently holds in the Pittsburgh Steelers - 75% of the league's owners need to approve the sale but it's expected to happen without any hitches.
David Tepper will pay $2.2 billion for the Carolina Panthers, which ties the Houston Rockets for the highest whole sale of a team. It’s shockingly less than the $2.3 billion Forbes valued it at. Richardson, at one point, thought he could get $3 billion.
— Darren Rovell (@darrenrovell) May 15, 2018