On Wednesday the Carolina Panthers announced that an agreement had been signed to sell the team to David Tepper, a billionaire hedge fund manager and a minority owner of the Pittsburgh Steelers.
According to Ian Rappaport the deal is for $2.2 to $2.3 billion. In order to complete the deal, Tepper will have to sell his 5 percent share of the Steelers.
“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.”
Born and raised in Pittsburgh, Tepper, 60, is the founder and president of Appaloosa Management, a global hedge fund based in Miami. His net worth is estimated at $11.4 billion.
Richardson announced in December he was selling the team amid an NFL investigation into sexual and racial misconduct in the workplace. That decision came after a report by Sports Illustrated detailing Richardson’s alleged misconduct.
The league’s investigation into the allegations is still ongoing.