CHARLOTTE, N.C. - Panthers team owner David Tepper appears to be scaling back his involvement in the Appaloosa Management hedge fund firm he owns and runs.
Going forward the billionaire will manage money for just 15 special clients and all other investors will receive their money back, according to a Bloomberg News report.
The move, planned for some time, opens up the idea of Tepper taking on a much broader, front-facing role with the Panthers organization, the front office, player personnel and possibly even the economic development within the city of Charlotte and the Carolinas.
According to the Charlotte Business Journal, Tepper will be in London this week pitching to London business executives about investment opportunities in the Queen City. The Panthers take on Tampa Bay on Sunday on Fox 46 Charlotte - WJZY with coverage beginning at 5 a.m.
Tepper is the second wealthiest sports team owner in America according to a newly released list by Forbes. His estimated net worth is around $12 billion.
Tepper paid an NFL record $2.275 billion for the NFL team last year and has already left his footprint on the franchise and the Carolinas, negotiating new practice and team operations facilities near Rock Hill, South Carolina, which is expected to be ready in a few years.
With Cam Newton's contract expiring at the end of next season, Tepper is in a position to heavily influence whether or not the organization brings Newton back or decides to move in a new direction.
Newton has been plagued by injuries so far this season and backup Kyle Allen has been his temporary replacement. It is unclear at this time when Newton will return to the field.