The Carolina Panthers are going to have a new owner in the coming days/weeks.
But here’s the thing, their new owner is an old owner—billionaire David Tepper—who is a hedge fund manager and a Steelers minority owner.
According to a report from the Charlotte Observer, Tepper is set to purchase the team for the record sum of $2.2-billion, a price which blasts the previous highest price—the $1.4-billion Terry and Kim Pegula paid for the Buffalo Bills in 2014—out of the water and stratosphere.
Rumors of the Panthers generating a $2.5-billion sale price percolated for months after the investigation began into current/soon-to-be-former owner Jerry Richardson's misconduct in the workplace.
But $2.5-billion would have required another owner, which would have required multiple minority owners, which would have clouded the process. Tepper streamlines the process as he can cut a check for $2.2-billion himself.
But the 60-year-old Tepper doesn’t even have to do that as it’s believed he is paying cash for the franchise.
The NFL owners are set to meet in Atlanta on May 22-23. The sale to Tepper should be voted on -- and likely approved -- at those meetings. Tepper is the founder of Appaloosa Management, one of the world's most preeminent hedge funds, and is worth an estimated $11-billion in personal wealth.