CHARLOTTE, NC (WIS) - The Carolina Panthers may have a new owner as NFL Network's Ian Rapoport says hedge fund manager David Tepper is finalizing the contract to purchase principal ownership of the Panthers from current owner Jerry Richardson.
Tepper is the founder and president of Appaloosa Management, which is a global hedge fund based in Miami Beach, Florida. Tepper is familiar with the NFL as he owns 5 percent of the Pittsburgh Steelers. The 60-year-old's net worth is estimated at $10.2 billion by the Bloomberg Billionaires Index and his wealth is noted as being "self-made."
Forbes estimated that the Panthers would cost $2.3 billion, but that was before new deals signed between the NFL and Amazon, Pizza Hut, and Fox. The details about how much Tepper will be paying to buy the Panthers is unconfirmed.
Richardson originally sought to sell the Panthers after a report from Sports Illustrated surfaced about Richardson and the Panthers making payments to employees to settle complaints of harassment in the workplace of sexual and racial nature. The settlements came with non-disclosure agreements and are considered "confidential."
It remains unclear if part of the deal includes keeping the Panthers in Charlotte.