Panthers: Signed agreement to sell NFL team to David TepperMay 16, 2018 3:40pm

CHARLOTTE, N.C. (AP) — The Carolina Panthers are off the market.

The Panthers announced Wednesday they have signed a "definitive agreement" to sell the team to David Tepper, the founder and president of global hedge fund Appaloosa Management.

The deal is subject to NFL approval.

League owners will meet next week in Atlanta, where they are expected to vote on the purchase. Since Tepper already has been vetted by the league as a minority owner of the Pittsburgh Steelers, the approval process is not expected to run into any snags.

The transaction is expected to close in July, the team announced.

Tepper, who has been a minority owner of the Steelers since 2009, said Wednesday in a release that he's thrilled to become the next owner of the Panthers.

"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," said Tepper, who was born and raised in Pittsburgh. "I want to thank Jerry Richardson and the other Panthers partners for all they have done to establish and develop the NFL in the Carolinas. It has been a remarkable 25-year journey and I promise to build upon the Panthers' success on the field and in the community."

Tepper has a net worth of more than $11 billion, according to Forbes.

He is paying an NFL-record $2.2 billion to purchase the team, according to two people familiar with the situation. The people spoke to The Associated Press on Tuesday on condition of anonymity because the team didn't release the selling price of the franchise.

The release didn't mention if Tepper plans to move the team or keep it in Charlotte.

Jerry Richardson, the team's founder and only owner, abruptly announced he was selling the team last December after coming under investigation from the league for sexual and racial misconduct in the workplace.

That investigation is ongoing.

Richardson, who rarely comments to the media, said in the release that bringing the expansion Panthers and the NFL to the Carolinas in 1993 was enormously fulfilling for him, his wife, Rosalind, and all of the team's partners.

"We are deeply grateful for the outpouring of support over the last 25 years," Richardson said. "You have taken the Panthers into your hearts and made them part of this warm and supportive community."

Richardson has had a strong relationship with the Rooney family in Pittsburgh through the years and is familiar with Tepper.

"I look forward to turning the stewardship of the Panthers over to David Tepper," Richardson said. "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. I wish David and his family the very best as they enter this exciting new phase of their lives."

Tepper will have full ownership of the team. He'll need to sell his ownership stake in the Steelers once he becomes the Panthers owner.

Richardson had owned 48 percent of the franchise and the Panthers had several minority owners under the previous regime.

Tepper is expected to be more outspoken that the relatively recluse Richardson, who hasn't granted an interview with the media in more than a decade.

Tepper once criticized President Donald Trump before the election, calling him "demented, narcissistic and a scumbag."

A noted philanthropist, Tepper told CNBC's Squawk Box the day before the presidential election that Trump "masquerades as an angel of light, but he is the father of lies."

Tepper disputed Melania Trump's claim that her husband was a generous, giving person in a campaign appearance. He contended Trump did not give money in the wake of some New York-area disasters.

"During Sandy, the big Sandy benefit, the big 9/11 benefit, not one dime. Not one dime! You can't tell me this is a charitable, generous person," Tepper said on Squawk Box in November 2016.

Tepper went on to say, "One thing I do with my wife, this is a thing called the Golden Rule. It has nothing to do with investments_nothing to do with investments. It says do unto others as you would have others do unto you. And that's not being done with Trump — not at least on the good side. It just was a turning point. That's my upbringing. I can't help it. I can't take it anymore. And when you lie about that stuff and you lie about fundamental beliefs."

___

For more NFL coverage: http://www.pro32.ap.org and http://www.twitter.com/AP_NFL

Page 1 of 1

More Stories Like This

Now 25 years in, Bettman is never off as NHL commissionerGary Bettman does not just have a job as NHL commissioner and a life he goes home to at night and is forever willing to let work and home be intertwined
Achieve Gridiron Greatness On and Off the Field in EA SPORTS Madden NFL 19, Available August 10
FILE - In this Jan. 12, 2018, file photo, Chicago Cubs president of baseball operations Theo Epstein, right, talks to reporters during the Cubs' annual baseball convention in Chicago. The idea of Manny Machado joining Kris Bryant and Anthony Rizzo in a powerhouse lineup sure is a tantalizing one. Whether that happens or not, the Chicago Cubs are banking on the players they have to perform up to expectations. So far, that hasn’t happened. And if fans are frustrated, president of baseball operations Theo Epstein understands. (AP Photo/Charles Rex Arbogast, File)
Epstein: No trade talks for Cubs despite Machado speculation
Column: A golden marriage between team and city in Las VegasColumn: Las Vegas strikes gold in marriage between team and city
Man busted for drugs at home owned by Bengals cornerbackAn Ohio home owned by a Cincinnati Bengals player has been searched and a man living there arrested and charged with marijuana trafficking
New York Councilman Jumaane D. Williams, second from right, with the help of  Kirsten John Foy, second from left, Northeast Regional Director of the National Action Network, holds a jersey with Colin Kaepernick's name on the back, during a rally of civil rights activists outside of the NFL’s headquarters, Friday, May 25, 2018, in New York. About 50 people gathered to protest the NFL’s new policy aimed at ending player protests during the playing of the national anthem in stadiums before games. Kaepernick, the former San Francisco 49ers quarterback, started the movement of taking a knee during the anthem to protest police brutality and racial inequality two seasons ago. (AP Photo/Ralph Russo)
Civils rights activists rally outside of NFL headquarters
AdChoices

Related Searches

Related Searches

AdChoices