Sunday, 22 July, 2018

Tepper to buy Panthers

David Tepper will purchase the Carolina Panthers for $2.2 billion David Tepper will purchase the Carolina Panthers for $2.2 billion
Charlie Simmons | 17 May, 2018, 01:52

He made his fortune as the founder of the hedge fund Appaloosa Management, which he started in 1993.

"We're excited about the new owner and look forward to his partnership", said Harlow. Tepper, as La Canfora has reported, can cut a check for $2.2 billion.

The sale is expected to come in at $2.2 billion, marking a record for the highest sale price for an National Football League team. Because Richardson wanted to complete the sale as soon as possible, according to multiple sources, and there were questions about whether owners would approve Navarro immediately, Tepper became the top choice. That price would surpass the $1.4 billion for which the Buffalo Bills were sold in 2014.

At this point, all Tepper needs to do is selling his minority share in the Steelers and pass a vote by ownership to be allowed to finish the purchase.

Panthers founder Jerry Richardson had in December had announced his interest to sell the team.

The billionaire doesn't shy away from philanthropic endeavors either, with a foundation that bears his name donating $3 million in hurricane relief a year ago to help Texas, Florida and Puerto Rico recover from Hurricanes Maria, Irma and Harvey; Tepper also sits on the board of the Robin Hood Foundation, which raises money from hedge fund leaders for NY anti-poverty efforts.

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Because Tepper, 60, is a minority owner of the Steelers, he has already passed the league's vetting process.

The NFL owners are set to meet in Atlanta on May 22-23.

As for the Panthers, they are expected to stay in Charlotte.

NFL Commissioner Roger Goodell said he would prefer to keep the team in Charlotte where it has been successful.

A minority stakeholder in the Pittsburgh Steelers, Tepper hasn't been afraid to criticize Trump.

Tepper is known for his philanthropy. Tepper graduated from the University of Pittsburgh and Carnegie Mellon, where the Tepper School of Business is named after him. In 2004, he donated $55 million to his alma mater, Carnegie Mellon. "It has been a remarkable 25-year journey and I promise to build upon the Panthers' success on the field and in the community". Richardson promised fans at the time the Panthers would win a Super Bowl 'within 10 years.' Carolina has reached the Super Bowl twice, including in 2015, but has never won.

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