Hedge fund manager to buy Carolina Panthers for record price

Hedge fund manager to buy Carolina Panthers for record price

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.

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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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