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Hedge Fund Titan Tepper Signs $2.3 Billion Deal for Carolina Panthers

16 May, 2018, 14:23 | Author: Candice Daniels
  • Hedge Fund Titan Tepper Signs $2.3 Billion Deal for Carolina Panthers

Hedge fund manager David Tepper has agreed to buy the Panthers from team founder Jerry Richardson, two people familiar with the situation said Tuesday.

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

The deal would have to be approved at the owners meetings in Atlanta in May.

As a minority partner of the Pittsburgh Steelers, he's already been vetted by league owners and appears to be a favorite according to one of the prime movers who helped bring the Carolina Panthers to Charlotte.

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Tepper, a minority owner of the Pittsburgh Steelers, emerged as a vocal critic of President Donald Trump during the 2016 election. Former owner Jerry Richardson put the team up for sale at the end of previous year following allegations of sexual harassment and racial misconduct. This deal comes six months after Richardson put the team up for sale amidst allegations of workplace misconduct. Because Richardson wanted to complete the sale as soon as possible, according to multiple sources, and there were questions about whether owners would approve Navarro immediately, Tepper became the top choice. The question now turns to what kind of an owner Tepper will be, and whether he will put strict guidelines and safeguards in place to ensure the safety and happiness of all employees. He will, indeed, keep the team in Charlotte, North Carolina.

The sale price is considered a bargain because it is the first sale of an NFL, MLB, NBA or National Hockey League team over the last 12 deals - dating back to 2013 - that was for less than Forbes' valuation for that particular team.

The proposed Panthers sale highlights an upward trajectory for the value of professional teams in major sports.

He has also donated millions to other schools and gave over $1 million in gift cards to New Jersey families who suffered losses after Hurricane Sandy.

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