‘Definitive’ Deal Signed For Carolina Panther Purchase

CHARLOTTE, NC — After months of speculation, the Carolina Panthers officially have a new buyer. Hedge fund manager and billionaire David Tepper and team owner Jerry Richardson signed a “definitive agreement,” the team announced Wednesday morning.

“I look forward to turning the stewardship of the Panthers over to David Tepper,” Richardson said in a statement. “I have enjoyed getting to know him in this process and am confident that he will provide the organization with great leadership in both its football and community initiatives.”

Tepper is reportedly paying a record $2.2 billion in cash for the Charlotte-based NFL team according to reports.

The proposed deal is a record offer for an NFL team and would have to be agreed to by an owners vote at the next meeting, which is scheduled May 21 through May 23 in Atlanta. Once it’s approved, the transaction would likely close in July.

Tepper, who is part-owner of the Pittsburgh Steelers, runs Miami-based Appaloosa Management and is worth about $11 billion, according to Forbes, making him the wealthiest prospective bidder for the team.

The deal is expected to pass muster with NFL owners and would keep the team in Charlotte, according to sports analyst Adam Schefter.

Panthers owner Jerry Richardson said in December he would put the team up for sale at the end of the season following a report that at least four former team workers reached confidential settlements with him over workplace misconduct. Richardson said at the time that it was time to turn the franchise over to a new owner but that he would not entertain offers until the "very last game is played."

Sports Illustrated reported late last year that at least four former Panthers workers were paid large settlements over Richardson's inappropriate remarks and behavior. The accusations included "sexually suggestive language and behavior" and even a racial slur made to a black scout.

The sports magazine said Richardson would ask female workers on "Jeans Day" to turn around so he could make inappropriate comments about their backsides.

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