David Tepper will purchase the Carolina Panthers for $2.2 billion

17 May, 2018, 01:54 | Author: Jason Torres
  • NFL Rumors: David Tepper (Not Diddy) Expected To Become Panthers Owner

Rumors of the Panthers generating a $2.5 billion sale price percolated for months leading up to the sale after the investigation began into current/soon-to-be-former owner Jerry Richardson's misconduct in the workplace. Tepper's hedge fund firm is based in Miami Beach and manages about $17 billion, according to Forbes.

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. The sale to Tepper should be voted on - and likely approved - at those meetings.

Hedge fund titan David Tepper is closing in on an agreement to buy the team for a $2.2 billion.

Appaloosa Management found success during the financial crisis by betting that banks would make a turnaround, buying Bank of America and Citigroup shares in a move that ultimately earned the firm a reported $7 billion in profit in 2009.

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Let's not bury the lede here and answer the most important question on Panthers' fans minds: Tepper plans to keep the team in Charlotte. In April Tepper told a student at his alma mater, Carnegie Mellon University: "whether I like the person or not I'm not going to get into that although I did call him a demented, narcissistic scumbag". The $2.2 billion eclipses the $1.4 billion the Pegula family paid to purchase the Buffalo Bills in 2014. That decision came after a report by Sports Illustrated detailing Richardson's alleged misconduct.

► $1.4 billion - Seattle Mariners (2016): John Stanton, the founder of Western Wireless Corporation, led a group of minority owners to purchase majority control of the team from Nintendo of America.

A noted philanthropist, Tepper told CNBC's Squawk Box the day before the presidential election that Trump "masquerades as an angel of light, but he is the father of lies". "I want to thank Jerry Richardson and the other Panthers partners for all they have done to establish and develop the National Football League in the Carolinas".

Per the Obvserver, Tepper was raised in a lower-middle-class neighborhood in Pittsburgh and attended the University of Pittsburgh, paying his own way to college by working at the school's library. I hope everyone in this organization, both on and off the field, will be firmly focused on just one mission: "to play and win the Super Bowl".

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