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David Tepper finalizes deal to buy Panthers, report says

16 May, 2018, 08:30 | Author: Joan Malone
  • David Tepper expected to become next Panthers owner

Richardson is selling the team he founded to Tepper, a hedge fund billionaire, for $2.2 billion.

The price is not cheap: Tepper will pay $2.2 billion, according to a report from the Charlotte Observer.

The big sale of the Panthers makes the upcoming season even more exciting.

The sale comes just before the league's owners meet next week in Atlanta. Helping him considerably, because he's already a minority owner in an NFL team, Tepper has been league-vetted which streamlines his purchase of the Panthers. In 2009, the Pittsburgh native (who now lives in Florida) bought a 5% stake in the Steelers. City leaders say they're looking forward to working with the new owner of the Queen City's National Football League team. It was reported that the 81-year-old Richardson made inappropriate comments including sexually suggestive language to female employees and a racial slur directed towards an African-American employee.

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Tepper means business, and that means repairing the Panthers' brand, if not restoring its soul. Richardson was a former Baltimore Colts wide receiver. The owners are scheduled to meet next Tuesday and Wednesday in Atlanta and could vote then to ratify the deal, which would complete the process put in motion past year after Richardson was accused of workplace misconduct.

Michael Rubin, Fanatics owner; Alan Kestenbaum, chairman of Bedrock Industries LP; and Joseph Tsai, Brooklyn Nets majority owner, were also reported to be interested in becoming primary owners of the franchise. However, in the middle of February, Tepper emerged as the front-runner candidate. And the new owners will try to get the Panthers back to the Super Bowl for their first ever championship ring. Tepper is expected to put his signature on the deal on Tuesday, and the price for the team is said to be $2.2 billion.

How do you feel about the sale of the Carolina Panthers? In 2017 Forbes listed David Tepper as one of the top 25 highest-earning hedge fund managers.

On the eve of the election in 2016, he delivered a scathing condemnation of Trump in an interview with CNBC, citing questions about Trump's lack of a strong philanthropic background. Tepper gave away slightly less than $1.2 million worth gift cards (nearly 12,0000 cards) to victims of Hurricane Sandy.

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