Carolina Panthers officially announce sale to hedge fund magnate David Tepper

The Carolina Panthers have a new owner. The team announced Wednesday that Jerry Richardson has sold the Panthers to hedge fund magnate and Pittsburgh Steelers minority owner David Tepper. 

The reported price tag for the sale is somewhere between $2.2 billion and $2.3 billion. (It is believed that Tepper, who has an estimated net worth of around $11 billion and manages $17 billion in assets for Appaloosa Management, one of the world's most preeminent hedge funds, is paying cash for the franchise.) The sale is expected to be approved at the next owner's meeting later this month (May 22-23) in Atlanta, but will not be officially closed until July, per several reports. 

Richardson released the following statement via the team's website: 

"Bringing the Panthers and the NFL to the Carolinas in 1993 was enormously fulfilling for Rosalind and me and all of our partners. We are deeply grateful for the outpouring of support over the last 25 years. You have taken the Panthers into your hearts and made them part of this warm and supportive community.  We want to thank all of our past and present players, coaches and staff for their hard work in making the Panthers a great success both on the field and in the community.  The personal relationships we have enjoyed have been very meaningful to us.

"I look forward to turning the stewardship of the Panthers over to David Tepper. 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."

As a minority owner of the Steelers, Tepper has already been vetted by the league and so does not have to go through the same vetting process another purchaser would have been subjected to. It's likely that this gave him an advantage over other bidders in the process. He released the following statement: 

"I am thrilled to have been selected to be the next owner of the Carolina 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. 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."

The Panthers were put up for sale in the wake of the investigation into Richardson's misconduct in the workplace. Shortly after the NFL took over the investigation into Richardson's behavior, the Panthers owner announced his intention to sell

Our Jason La Canfora, who reported on the sale last Friday, joined the Pick Six Podcast (subscribe via iTunes | via Stitcher | via TuneIn | via Google Play for your daily dose of NFL news) and said Tepper has received positive reviews on both GM Marty Hurney and coach Ron Rivera and is "incredibly comfortable" with both of them, having gotten good reports from Steelers brass on the GM/coach. As such, no changes to the front office or coaching staff are expected to occur prior to the 2018 season. 

CBS Sports Writer

Jared Dubin is a New York lawyer and writer. He joined in 2014 and has since spent far too much of his time watching film and working in spreadsheets. Full Bio

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