David Tepper, a 5% minority owner of the Pittsburgh Steelers and founder of the global hedge fund firm Appaloosa Management ($11 billion net worth), is expected to sign a deal Tuesday to buy the Carolina Panthers. Sources say Tepper plans on keeping the team in Carolina. There will be an owners meeting May 22, 2018, where the deal will need to pass for approval.
The former owner of the Panthers Jerry Richardson, 81, was reported to have used a racial slur toward team personnel and was accused of sexually harassing multiple women during his tenure. The team was put up for sale in December 2017 following these allegations when Richardson announced in a public letter that he would be selling the Panthers once the season ended.
The Panthers are reported to be worth $2.3 billion as of Fall 2017, and Tepper is responsible for at least 30% of the selling price.
Tepper, a Pittsburgh native and well known for his philanthropy, has recently donated over $3 million in hurricane relief to Texas, New Jersey, and Puerto Rico.
More details to come.
