CHARLOTTE, NC (WIS) - The Carolina Panthers and the NFL have reached an agreement, in term, with a Florida-based hedge fund manager to be the team's next owner, the team reported Wednesday morning.
David Tepper, founder of Appaloosa Management, is buying the Panthers from team owner and founder Jerry Richardson, with approval from the NFL set for July.
"I am thrilled to have been selected to be the next owner of the Carolina Panthers," Tepper said. "I have learned a great deal about the community and the team over the past several months and look forward to becoming part of the Carolinas. I want to thank Jerry Richardson and the other Panthers partners for all they have done to establish and develop the NFL in the Carolinas. It has been a remarkable 25-year journey and I promise to build upon the Panthers' success on the field and in the community."
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 placed the team up for sale following the publication of a bombshell article in Sports Illustrated that detailed allegations of sexual harassment, workplace misconduct, and racial slurs used by the team's owner.
SI's article claimed the team paid off at least four former staffers in settlements.