The New York Times reports that Jerry Richardson, founding owner of the Carolina Panthers football team, has agreed to sell the Carolina Panthers to billionaire hedge-fund owner David A. Tepper for at least $2.2B.
News of the sale came in December shortly after an article in Sports Illustrated linked Richardson to allegations of sexual harassment — and, with the terms set, the sale is currently on the goal line.
Now they’re just waiting for the ball to hike, as the NFL owners vote whether to finalize the deal next week in Atlanta — though, it’s not likely he’ll get any pushback.
Adding a veteran to the roster
Tepper, 60, made his fortune as the founder of hedge fund Appaloosa Management, a company that holds nearly $17B in assets. In 2017, he ranked fifth on Forbes list of the world’s richest hedge fund billionaires with a net worth of $11B.
And this isn’t his first time on the turf — Since 2009, he’s owned a 5% stake of the Pittsburgh Steelers, an investment he will have to sell to buy the Panthers.
Based on his client return rate, many consider Tepper the greatest hedge fund manager of his generation, and turns out NFL owners think he’s pretty great as well.
According to NYT, Tepper actually offered several hundred million less than the highest bidder, but in dire need of a leader with strong integrity, the Panthers went well below the asking price to get the best man for the job.
It’s still a hall of fame worthy deal, btw
If this deal happens, the $2.2B pricetag will join the record books as the most expensive NFL franchise purchase ever, usurping the $1.4B Buffalo Bills sale in 2014.
Somewhere out there, an NFL owner is sitting in Don Shula’s steakhouse drooling over the possibilities.
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(via The Hustle)