Tuesday, 16 October, 2018

David Tepper close to agreeing $2.2 bn deal for Carolina Panthers

Carolina Panthers helmets USA TODAY Sports Images
Lisa Bryan | 17 May, 2018, 01:53

Three-quarters of league owners must approve the deal and a vote is expected next week.

Two things must happen for the sale to become official: Tepper must sell his 5% minority stake in the Steelers he purchased in 2009, said to be worth north of $120m, and he must be approved by three-fourths of National Football League owners at next week's meeting - neither should be an issue as he was vetted when he made the minority purchase.

The transaction is expected to close in July, the team announced.

► $1.4 billion - Seattle Mariners (2016): John Stanton, the founder of Western Wireless Corporation, led a group of minority owners to purchase majority control of the team from Nintendo of America.

The Carolina Panthers are being sold for an NFL-record $2.2 billion. The report said the Panthers had reached settlements with at least four former employees regarding inappropriate workplace behavior by Richardson. And the new owners will try to get the Panthers back to the Super Bowl for their first ever championship ring.

Tepper, age 60, has risen to be one of the world's richest hedge-fund managers since he founded Appaloosa Management in 1993.

ESPN reported the sale would be for $2.2 billion, tying a record price for a sports team. The announcement of the sale came on Tuesday.

The deal would transfer ownership from Jerry Richardson, who put the Panthers up for sale following accusations of sexual misconduct and using racial language at work.


"We are deeply grateful for the outpouring of support over the last 25 years", Richardson said.

How do you feel about the sale of the Carolina Panthers?

Richardson has had a strong relationship with the Rooney family in Pittsburgh through the years and is familiar with Tepper.

City council member Tariq Bokhari said from all he has heard, David Tepper wants to keep the team here as well. "They had confidence in him". It's believed he is paying cash for the franchise. He'd have to sell that stake before he could buy the Panthers.

Richardson had owned 48 per cent of the franchise and the Panthers had several minority owners under the previous regime.

But who exactly is Tepper? And if you look up demented, narcissistic scumbag, you'll see my name calling Trump that.

A noted philanthropist, Tepper told CNBC's Squawk Box the day before the presidential election that Trump "masquerades as an angel of light, but he is the father of lies". He contended Trump did not give money in the wake of some New York-area disasters.

He continued his attacks on Trump saying, according to Sports Illustrated, saying, "During the financial crisis, during Sandy, [Trump did] not [give] one dime, and I know this for fact-not conjecture-not one dime to one major food bank or one major pantry in Jersey during Sandy". The owners are scheduled to meet next Tuesday and Wednesday in Atlanta and could vote then to ratify the deal, which would complete the process put in motion a year ago after Richardson was accused of workplace misconduct.

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