The sale of the Carolina Panthers to hedge fund manager David Tepper is expected to be executed soon.
NFL Network Insider Ian Rapoport reported the sale of the Panthers from Jerry Richardson to Tepper is moving along and a deal could get done Tuesday, per sources informed of the process.
According to Rapoport, an agreement is expected to happen which would allow for a vote on the sale by NFL owners at the Spring League Meeting in Atlanta, May 21-23.
Tepper has long been the favorite to buy the Panthers. The sale is expected to come in at $2.2 billion cash, per Rapoport, with a final sale price between $2.2 to $2.3 billion. A minority owner of the Pittsburgh Steelers since 2009, Tepper is familiar to league owners. Also key to the purchase is the hedge fund manager's plan to keep the Panthers in Charlotte.
Rapoport adds Tepper does not plan on making major changes to the organization once he becomes owner. General manager Marty Hurney, coach Ron Rivera and quarterback Cam Newton (all signed through 2020) are expected to remain in Charlotte for the long term.
The next step for the billionaire investor is to sell his minority stake in the Steelers and get approved by NFL owners. After being vetted, however, the sale should proceed without hitches.
In order for the sale to become official, three-fourths of NFL team owners (24) must approve the team's purchase.
The 60-year-old Tepper was born in Pittsburgh, attended the University of Pittsburgh and earned an MBA from Carnegie Mellon in 1982 -- the business school now dons his name. Tepper founded Appaloosa Management, a hedge fund company based in Miami Beach, Florida, and is worth an estimated $11 billion.
Richardson, 81, announced he was selling the team in December after the league took over an investigation looking into allegations of workplace misconduct. The NFL investigation remains ongoing. The Panthers officially went up for sale following the team's wild-card loss in January. Richardson, the franchise founder, ceded day-to-day control of the team in December to Tina Becker, a 20-year employee of the team who was promoted to chief operating officer.