Hedge fund manager David Tepper agrees to buy Panthers for $2.2 billion.
Late last 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. Shortly after Richardson's announcement to sell the team, Diddy expressed his desire to buy the franchise which then prompted Golden State Warriors All-Star Stephen Curry to say he wanted in as well.
Diddy ultimately partnered with Sixers co-owner and founder of Fanatics, Michael Rubin, to place a bid but the group dropped out after Pittsburgh Steelers minority owner, David Tepper, reportedly agreed to pay $2.2 billion for the Panthers.
According to reports, Tepper is expected to sign the deal today and he will be keeping the team in Charlotte, North Carolina. ESPN reports that the $2.2 billion will set a record for the highest sale price for an NFL team, surpassing the $1.4 billion that the Buffalo Bills were sold for in 2014.
"Tepper, the founder of global hedge fund Appaloosa Management, has a net worth of $11 billion, according to Forbes, and is committed to keeping the team in Charlotte. Under league rules, Tepper must put up at least 30 percent of the selling price."
"Because Tepper, 60, is a minority owner of the Steelers, he has already passed the league's vetting process. He currently owns 5 percent of the Steelers and would have to sell that interest before completing the Panthers purchase."
The sale of the Panthers is expected to be approved at the owners meetings in Atlanta on May 22. According to ESPN, the purchase needs approval from the NFL financial committee and then three-fourths approval from the 32 owners.
Last season, the Panthers finished 11-5 but were eliminated by the division rival New Orleans Saints in the Wild Card round of the playoffs. Carolina will host the Dallas Cowboys in Week 1 of the 2018 season.