David Tepper To Buy The Carolina Panthers For A Record $2.2 Billion

The Carolina Panthers have been sold to billionaire hedge fund manager David Tepper for what's expected to be an NFL-record north of $2.2 billion.

What Happened

Former Panthers owner Jerry Richardson was effectively forced out of ownership following an ongoing investigation into racial and sexual misconduct allegations. The investigation is expected to continue despite the fact that he will soon no longer be an NFL owner.

Tepper is the founder and president of hedge fund Appaloosa Management. He will have to sell his 5 percent stake in the Pittsburgh Steelers before officially taking control of the Panthers.

"I am thrilled to have been selected to be the next owner of the Carolina Panthers," Tepper said in a statement. "I have learned a great deal about the community and the team over the past several months and look forward to becoming part of the Carolinas. I want to thank Jerry Richardson and the other Panthers partners for all they have done to establish and develop the NFL in the Carolinas. It has been a remarkable 25-year journey and I promise to build upon the Panthers' success on the field and in the community."

Why It's Important

The move comes one day after a decision by the Supreme Court ruled a ban on sports betting unconstitutional, a move that according to Mark Cuban made pro sports franchises values instantly double overnight.

Tepper, worth a reported $11 billion, is no stranger of criticizing President Donald Trump, who has had a long history of bad blood with the NFL, especially due to recent protests of the National Anthem. The hedge fund manager questioned Trump's charitable giving efforts, telling CNBC in 2016, “Listen, Trump masquerades as an angel of light but he is the father of lies."

Tepper is expected to keep the team put in Charlotte, where it has spent its entire history since 1995 when it debuted as an expansion team alongside the Jacksonville Jaguars.

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