The Carolina Panthers will be sold for a record-breaking $2.2 billion to billionaire hedge fund owner, David A. Tepper. According to the NY Times, the sale price was confirmed by two people with knowledge of the deal.
Though it still has to be approved by at least three-quarters of the team’s owners, most are expecting them to be on board because of Tepper’s stake in the Pittsburgh Steelers as a minority owner. One of the owners commented, “If he’s good enough for Art Rooney, he’s good enough for me.”
Michael Rubin was in the running to buy the North Carolina team but dropped out because he wasn’t willing to pay more than $2.5 billion. Another bidder, financial investment group owner Ben Navarro, was willing to offer $2.6 billion but couldn’t get the funds raised in order to officially make the play.
Tepper’s application could be voted on as early as next week in Atlanta. If the deal goes through, the hedge fund owner will be required to sell his stake in the Steelers. His purchase will be the largest price that any NFL team has ever been bought for. Back in 2014, the Buffalo Bills was sold for $1.4 billion. This purchase price could set the status quo for other teams looking to be sold in the near future like the Denver Broncos, the New Orleans Saints, and the Tennessee Titans.