David Tepper buys Carolina Panthers for NFL-record US$2.2 bn

David Tepper buys Carolina Panthers for NFL-record US$2.2 bn

David Tepper buys Carolina Panthers for NFL-record US$2.2 bn

Tepper, the 60-year-old founder of Appaloosa Management, has agreed to buy the Panthers for at least $2.2 billion, The Associated Press reported, citing multiple sources familiar with the matter.

Tepper is replacing one of the old guard owners in Jerry Richardson who made a decision to sell after allegations of inappropriate conduct surfaced. The price eclipses the $1.4 billion Terry Pegula paid for the Buffalo Bills in 2014. The team went for a reported $2.2 billion.

The deal would be expected to be approved at the owners meetings in Atlanta on May 22. Here's guessing someone will purchase those shares since an National Football League team just went for $2.2 billion.

The league's investigation into the allegations is still ongoing. He conceded Tuesday that he'd lost the bid.

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Navarro said in a written statement Tuesday that he was grateful to have been considered one of the bidders of the Panthers, according to the Charleston Post and Courier.

"We're excited about the new owner and look forward to his partnership", said Harlow.

Tepper's plans on whether the team will remain in Charlotte for the long-term future remain unclear. After that a new owner is free to extend the lease to the stadium, build a new stadium or possibly move the team. Among them was Charlotte businessman Felix Sabates. She said she would be fighting to keep the team in Charlotte.

Miami-based hedge fund manager David Tepper is clearly on track to become the next owner of the Carolina Panthers.

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In addition, as Ozanian notes, Tepper will be making money after he sells his 5 percent stake in the Pittsburgh Steelers.

The billionaire doesn't shy away from philanthropic endeavors either, with a foundation that bears his name donating $3 million in hurricane relief previous year to help Texas, Florida and Puerto Rico recover from Hurricanes Maria, Irma and Harvey; Tepper also sits on the board of the Robin Hood Foundation, which raises money from hedge fund leaders for NY anti-poverty efforts.

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".

He has also donated millions to other schools and gave over $1 million in gift cards to New Jersey families who suffered losses after Hurricane Sandy.

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