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Billionaire David Tepper reaches deal to buy NFL’s Carolina Panthers

Ezra Shaw | Getty Images

Cam Newton #1 of the Carolina Panthers points to the crowd in the fourth quarter of their game against the San Francisco 49ers at Levi’s Stadium on September 10, 2017 in Santa Clara, California.

Billionaire hedge fund manager David Tepper has reached a deal to buy the Carolina Panthers, the National Football League team announced Wednesday.

The deal, which has been reported to be worth a league-record $2.2 billion, is subject to NFL approval and is expected to close in July.

“I look forward to turning the stewardship of the Panthers over to David Tepper,” Panthers founder Jerry Richardson said in a statement. “I have enjoyed getting to know him in this process and am confident that he will provide the organization with great leadership in both its football and community initiatives.”

Richardson began shopping the team around after the league started an investigation into allegations of sexual and racial misconduct in the workplace.

Tepper, who runs Appaloosa Management, would have to sell his stake in the Pittsburgh Steelers, according to NFL rules. He has had a minority stake in that team since 2009.

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