Published: Tue, May 15, 2018
Sports | By Brooke Harris

David Tepper expected to become next Panthers owner

David Tepper expected to become next Panthers owner

Tepper is now a minority owner of the Pittsburgh Steelers, so for this deal to go through, Tepper will have to sell his stake in the Steelers. After months of record-setting bidding, David Tepper reportedly reached an agreement to purchase the Panthers.

On Tuesday, sources told Rapoport that the sale of the team may be completed by the end of the day.

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Bank of America Stadium in Charlotte, North Carolina; home facility and headquarters of the Carolina Panthers of the NFL. The sale is still pending approval of the National Football League owners at their next meeting, which takes place May 21-23 in Atlanta.

According to WIS, Tepper is the founder and president of Appaloosa Management, which is a global hedge fund based in Miami Beach, Florida. According to Forbes, Tepper is worth $11 billion and the Panthers are worth $2.3 billion.

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For Tepper to be able to take over, at least three-fourths of the NFL's owners must vote to approve him. The purchase needs to get approval from the National Football League financial committee and then three-fourths approval from the 32 owners.

In mid-December, Jerry Richardson announced he was selling the team after Sports Illustrated reported allegations of misconduct in the workplace.

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