Felix Sabates will not pursue bid for Carolina Panthers

Charlotte businessman Felix Sabates said that he is pulling out any plan to bid on the Carolina Panthers. 

Sabates, who is currently a partner in Chip Ganassi Racing teams and a minority owner of the Charlotte Hornets, told FOX 46 that the price for the team has gotten too high.

"The price has gotten way past my comfort zone as an investment at my age," Sabates said. 

The Panthers are worth $2.3 billion to $2.8 billion, according to Forbes.

David Tepper, the founder of a global hedge fund firm headquartered in Miami, is among the perceived front-runners to buy the team. Tepper has an estimated net worth of $11 billion by Forbes. He currently has a 5 percent stake in the Pittsburgh Steelers, which he would need to sell if her were to purchase the Panthers.

South Carolina businessman Ben Navarro and Miami businessman Alan Kestenbaum are also potential buyers. The two were seen in town last week touring the Panthers' facilities.