Hedge fund manager to buy Carolina Panthers for record price

Panthers prospective new owner once called President'The father of lies

From Diddy and Steph Curry to a bunch of NASCAR team owners, drivers and executives, many were considering bidding.

Tepper's bid wasn't the highest but it was $2.2 billion and that's close enough to the high bids of $2.5 billion that was floated around.

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

More news: Reactions To Tim Cook's Duke Commencement Speech

The Panthers have been for sale since December when Owner Jerry Richardson was accused of sexual misconduct and agreed to put up the team for sale. Richardson, who founded a Panthers franchise that started National Football League play in 1995, reportedly had an original plan for the team to be sold within two years of his death. He is also a graduate of the University of Pittsburgh.

As a minority owner of the Pittsburgh Steelers since 2009, league owners are familiar with Tepper. After college, he worked as a credit and securities analyst at Equibank in Pittsburgh before going on to get his MBA at Carnegie Mellon.

Tepper, who is the founder of Appaloosa Management, is worth an estimated $11 billion. His investment is now worth $122.5 million, based on the current valuation of the Steelers ($2.45 billion, per Forbes). A source who knows Tepper has said that if he were to come to Charlotte, "you should assume that (philanthropy) would continue".

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