Hedge fund owner expected to purchase Panthers

Share

"Panthers owner-to-be David Tepper wants Carolina's football side of the business to mirror the Steelers". Last year, Forbes valued the Carolina franchise at $2.3 billion, making it the 21st most valuable in the league.

No sale can become official, however, until 75% of the league's owners approve it.

The $2.2 billion price tag is equal to the amount paid by Tilman Fertitta to purchase the NBA's Houston Rockets.

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

The purchase will likely be presented for a possible vote by the financial committee at the Spring League Meeting in Atlanta, May 21-23. COO Tina Becker has been running the day-to-day operations of the team since December when an explosive Sports Illustrated report detailed multiple allegations of workplace misconduct from former employees.

If his bid to buy Carolina is approved, Tepper will pay a record-setting $2.2 billion for the team. He will have to give up that stake to become the Panthers' majority owner.

The Panthers are tied to their downtown stadium through the 2018 season because of an agreement with the city. Will he remove the shield and finally put the team's logo at mid-field?

Moving the Panthers out of Charlotte would seem to a longshot. Will he keep the team in Charlotte?

Tepper is the founder and president of Appaloosa Management, which is a global hedge fund company based in Florida. Also according to those guidelines, Tepper must acquire 30 percent of the equity in the club - typically, substantially more - and limit his ownership group to no more than 25 partners. Plus, Tepper can use the sale of his minority stake to help finance this deal, giving him another quick route to revenue.

Tepper is known for his philanthropy.

He graduated from the University of Pittsburgh and earned an MBA from Carnegie Mellon University.

Richardson spent just $140 million for the rights to the Panthers in 1993. The NFL has a rule that you can not be an owner of two different franchises.

Share