Carolina Panthers officially announce sale to hedge fund magnate David Tepper

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The deal is official: David Tepper is the newest owner of the Carolina Panthers.

While Tepper is sure to have a good understanding of the way his former team operated, as a minority owner, his knowledge of the day-to-day operations is likely to have been limited as the shares gave him no say in the way the team was run. Tepper, whose net worth has been projected by Forbes at $11 billion, was not the highest bidder for the team - The New York Times reported that Ben Navarro, who runs an investment firm, bid $2.6 billion - that went on the market at the end of the 2017 season.The sale price, though, is a record for an National Football League franchise and easily eclipses the $1.4 billion Terry and Kim Pegula paid for the Buffalo Bills just four years ago.

The deal would have to be approved at the owners meetings in Atlanta in May. There is a statue of him outside Bank of America Stadium in Charlotte, and Richardson once wielded considerable influence in league matters.

The deal comes five months after Richardson announced plans to sell the team on December 17, the same day Sports Illustrated published a report detailing allegations of sexual and racial misconduct against him.

The release didn't mention if Tepper plans to move the team or keep it in Charlotte. In 2017, he ranked fifth on Forbes list of the world's richest hedge fund billionaires with a.

He purchased the Carolina Panthers from previous owner Jerry Richardson, who sold the team after a bombshell report from Sports Illustrated uncovered allegations of workplace misconduct including sexual harassment and the use of a racial slur.

People familiar with the situation told the AP Tuesday that Tepper agreed to buy the Carolina Panthers from Richardson for $2.2 billion.

Richardson had owned 48 percent of the franchise and the Panthers had several minority owners under the previous regime. "You have taken the Panthers into your hearts and made them part of this warm and supportive community", Richardson said.

"I look forward to turning the stewardship of the Panthers over to David Tepper", Richardson said. 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". "I wish David and his family the very best as they enter this exciting new phase of their lives". That's my upbringing. I can't help it.



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