Sport

Carolina Panthers reach sale agreement with David Tepper

Carolina Panthers reach sale agreement with David Tepper”

- Hedge fund manager David Tepper will be the next owner of the Carolina Panthers.

He could soon own the Carolina Panthers, and with them, Bank of America Stadium. "I have learned a great deal about the community and the team over the past several months and look forward to becoming part of the Carolinas", Tepper said in a statement. That virtually ensures that Tepper, who must sell his five percent share of the Steelers to comply with league rules, will be easily approved when owners vote on the sale at their regularly scheduled spring meeting next week in Atlanta.Tepper's purchase concludes a remarkable fall from grace for Richardson. Tepper had been considered the favorite to land the team and was the preferred choice of many other owners because he has enough money to buy the team without other investors and because, as a minority stakeholder in his hometown Pittsburgh Steelers, he has already been vetted by the NFL.

Former Panthers owner Jerry Richardson was effectively forced out of ownership following an ongoing investigation into racial and sexual misconduct allegations.

The SI report said Richardson, 81, allegedly touched female employees and directed inappropriate comments toward them, including asking them if he could shave their legs and if they could could massage his feet.

Forbes listed Tepper's net worth at $11.4 billion in February 2017. The team is also located in Charlotte, North Carolina, which is a decent East Coast market, and quarterback Cam Newton is one of the most marketable stars in the NFL.

"Bringing the Panthers and the National Football League to the Carolinas in 1993 was enormously fulfilling for Rosalind and me and all of our partners", Richardson said per the team's official site. "You have taken the Panthers into your hearts and made them part of this warm and supportive community", Richardson said.

The details about how much Tepper will be paying to buy the Panthers is unconfirmed. I wish David all the best as he completes the process to finalize the transaction and assumes the leadership of the Panthers' organization.



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