Published: Thu, May 17, 2018
Worldwide | By Victor Meyer

Who Is David Tepper, the Presumed New Owner of the Carolina Panthers?

Who Is David Tepper, the Presumed New Owner of the Carolina Panthers?

► $1.1 billion - Miami Dolphins (2008): American real-estate developer Stephen Ross bought the franchise and has since brought in Gloria Estefan, Marc Anthony and Venus and Serena Williams as minority owners.

Appaloosa Management found success during the financial crisis by betting that banks would make a turnaround, buying Bank of America and Citigroup shares in a move that ultimately earned the firm a reported $7 billion in profit in 2009.

FILE - In this September 22, 2013, file photo, a Carolina Panthers logo is displayed on the field at Bank of America Stadium prior to an NFL football game between the Carolina Panthers and the New York Giants in Charlotte, N.C. People familiar with the situation say hedge fund manager David Tepper has agreed to buy the Panthers from team founder Jerry Richardson for a record $2.2 billion.

The $2.2 billion price, first reported by the Charlotte Observer, breaks the previous high for an National Football League team, $1.4 billion by the Buffalo Bills in 2014.

According to ESPN, Tepper is expected to sign the deal today and he will be keeping the team in Charlotte, North Carolina. The deal has overshadowed NFL's earlier record by $800 million for the Pegula family's deal to buy Buffalo Bills in 2014 upon the death of the founder and team owner Ralph Wilson. It will be voted on by the rest of the league owners at the meetings in late May.

On Dec. 17, Sports Illustrated published a report alleging that Richardson sexually harassed multiple women and used a racial slur toward a team scout. In 2017, he ranked fifth on Forbeslist of the world's richest hedge fund billionaires with a net worth of $11 billion. However, Tepper would have to sell his minority ownership stake of the Steelers, per league rules.

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Tepper already owns a minority stake in the Pittsburgh Steelers, which he will sell as part of the next steps for the deal to be completed, according to the NFL Network.

The Panthers' current owner, Jerry Richardson, put the team up for sale after accusations of sexual misconduct and the use of racist language in the workplace came to light.

As for the Panthers, they are expected to stay in Charlotte. "He started with nothing and became successful in business and then got the team, which he made it Carolina's team and not Charlotte's team".

In appearance at Carnegie Mellon University, the former Livingston resident called Trump a "scumbag" and "demented".

Per the Obvserver, Tepper was raised in a lower-middle-class neighborhood in Pittsburgh and attended the University of Pittsburgh, paying his own way to college by working at the school's library. "It has been a remarkable 25-year journey and I promise to build upon the Panthers' success on the field and in the community". Carolina has reached the Super Bowl twice, including in 2015, but has never won.

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