CHARLOTTE, N.C. (AP) -- People familiar with the situation say hedge fund manager David Tepper has agreed to buy the Carolina Panthers from team founder Jerry Richardson for a record $2.2 billion.
The people spoke to The Associated Press on Tuesday on condition of anonymity because the team has not yet announced the sale. The purchase is subject to a vote at the NFL owners meeting next week in Atlanta.
Richardson announced in December he was selling the team amid an NFL investigation for sexual and racial misconduct in the workplace.
The $2.2 billion eclipses the $1.4 billion the Pegula family paid to purchase the Buffalo Bills in 2014.
Tepper, 60, is a part owner of the Pittsburgh Steelers and founder and president of Appaloosa Management, a global hedge fund based in Miami.
ESPN's full report can be found here.
Steelers’ minority owner David Tepper is expected to sign the deal today to buy the Panthers and keep them in Carolina, league sources tell @SethWickersham and me. The deal then would be expected to be approved at the owners meetings in Atlanta on May 22.— Adam Schefter (@AdamSchefter) May 15, 2018
Statement from Panthers bidder, Ben Navarro:
My family and I are grateful to have had the opportunity to be included as a potential buyer of one of the premier assets in all of the Carolinas – the Panthers football team.
It would have been a privilege to become the stewards of this iconic franchise to ensure its home remains in the Carolinas where it belongs, to establish a new era of leadership and excellence on and off the field, and to leverage the team’s NFL platform to further our quest to help all children gain access to a great education.
We would like to extend our heartfelt thanks to the colleagues, business associates, and community and philanthropic partners who supported us. We wish the Panthers and their fans every success going forward.
Benjamin W. Navarro