Tepper to buy Panthers for record $2.2 billion

Florence Fletcher
May 16, 2018

NFL Network's Ian Rapoport says the $2.2 billion deal should close today, transferring ownership from disgraced owner Jerry Richardson to hedge fund manager David Tepper.

If his bid to buy Carolina is approved, Tepper will pay a record-setting $2.2 billion for the team.

The global news agency, citing people familiar with the situation, reports that team founder Jerry Richardson has agreed to the sale, with the deal subject to a routine vote at the National Football League owners' meeting next week in Atlanta. In order for Tepper to become majority owner of the Panthers, he would need to sell his stake in the Steelers beforehand.

Late a year ago, Carolina Panthers owner Jerry Richardson, announced his decision to sell the team following a Sports Illustrated report which outlined some of Richardson's alleged sexual and racial misconduct toward former employees.

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.

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The Charlotte Observer reported that Tepper is the richest of the known bidders who sought to buy the Panthers and reportedly has a net worth of $11 billion.

Though Trump has seemingly shifted his focus away from the NFL for now, he remains an important outside figure as Colin Kaepernick's collusion lawsuit against the league continues.

Tepper is known for his philanthropy. After earning his master's at Carnegie Mellon University, Tepper ascended the ladder quickly at Goldman Sachs.

Richardson, 81, allegedly made verbal comments about women's appearances, inappropriately touched female employees and made advances to women that included asking whether he could shave their legs and requests for them to give him foot rubs. The Steelers have won more Super Bowls than any other team and haven't had a losing season since 2003.

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