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16 May 2018, 01:28 | Pamela Mathis
Report: Hedge-fund billionaire to buy Panthers for about $2.2B
David Tepper, a billionaire hedge-fund manager and a Steelers minority owner, is set to purchase the team.
The sale is easily the biggest of any National Football League franchise to this point, with the previous high being the Buffalo Bills to Terry and Kim Pegula in 2014 at $1.4 billion. While other candidates would have needed to go through a more rigorous vetting process of their financials and their backgrounds, Tepper is a known quantity as a current minority owner of the Pittsburgh Steelers.
If the Carolina Panthers somehow manage to win the Super Bowl this season and get invited to the White House, don't expect their new owner to accept the invitation.
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Sherman Financial Group LLC founder, Ben Navarro, and metals/mining investor, Alan Kestenbaum, have also made bids for the Panthers. Last year, Forbes valued the Carolina franchise at $2.3 billion, making it the 21st most valuable in the league.
The Panthers hired Steve Greenberg of NY investment bank Allen & Co.to help with the sale.
The Carolina Panthers are about to be sold for a whole lot of money. She said she would be fighting to keep the team in Charlotte. Tepper graduated from the University of Pittsburgh and Carnegie Mellon, where the Tepper School of Business is named after him.
Richardson spent just $140 million for the rights to the Panthers in 1993. Richardson's investment group paid $206 million for the club, according to Forbes, after he was unanimously awarded a team by the league's owners on October 26, 1993.
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