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Hedge fund manager to buy Panthers for 2.2 billion

Hedge fund manager to buy Panthers for 2.2 billion
Published On: Tue, May 15
Jun 15, 2016; Charlotte, NC, USA; Carolina Panthers Luke Kuechly (right) stretches with twelve year old Trey Rice from the Make A Wish program at the practice field at Bank of America Stadium. Mandatory Credit: Jeremy Brevard-USA TODAY Sports

Hedge fund manager David Tepper is expected to sign a deal Tuesday to buy the Carolina Panthers for $2.2 billion in cash.



A source close to the process told the Observer that the deal will be subject to an owners' vote at the next NFL meeting, which runs next Monday through Wednesday in Atlanta.



The $2.2 billion would be a record for an NFL franchise, besting the $1.4 billion price for the Buffalo Bills in 2014. It would also match the $2.2 billion price for the Houston Rockets NBA team.



The Observer and other media outlets reported last weekA that Tepper was set to become the team's new owner, ending a more than five-month search for a buyer for the franchise that began play in 1995. ESPN reporter Adam Schefter alsoA tweetedA that the deal would be signed Tuesday.A 



Panthers owner and founder Jerry Richardson announced plansA to sell the team in December on the same day Sports Illustrated published an explosive report detailing allegations of sexual and racial misconduct against Richardson.



Tepper, 60, isA the richestA of the known bidders who sought to buy the Panthers, with a net worth of $11 billion, according to Forbes. Hea€™s also the only known bidder already vetted by the NFL, as he is part-owner of his hometown team, the Pittsburgh Steelers.



Several key details about Tepper's deal remain unknown, including whether he will have any minority partners, what he plans to do with Bank of America Stadium andA permanent seat license (PSL) owners, whether he will move to Charlotte and what his staffing plans are. A spokesman for Tepper declined to comment.



Tepper prevailed among a group of biddersA that also included Charleston financial services CEO Ben Navarro, steel company CEO Alan Kestenbaum and e-commerce entrepreneur Michael Rubin.


Read the complete news article here...


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