Carolina Panthers: David Tepper Buys Team for $2.2 Billion
Imagine yourself having $2.2 Billion. That is Billion with a B. What would you do with that much money? David Tepper has that much money. Well, he had that much money until he decided to purchase the Carolina Panthers. The announcement of the sale came on Tuesday. It will be voted on by the rest of the league owners at the meetings in late May.
Tepper is the founder and president of Appaloosa Management, which is a global hedge fund company based in Florida. In 2017 Forbes listed David Tepper as one of the top 25 highest-earning hedge fund managers. Also according to Forbes, Tepper has a net worth of $11.2 billion.
David Tepper is no stranger to owning an NFL franchise, however. While he has not been the outright owner of one before he does have a stake in one. In September 2009, he purchased a 5% stake in the Pittsburgh Steelers. Now, with the purchase of the Carolina Panthers, Mr. Tepper will have to sell that stake. The NFL has a rule that you cannot be an owner of two different franchises. Basically, it would create a conflict of interest for the owner.
The sale of the Carolina Panthers came to light after a Sports Illustrated report surfaced regarding inappropriate workplace issues. The article named Owner Jerry Richardson and other employees. It was then later announced that Richardson would sell the team in light of the allegations.
The $2.2 billion sale marks a record for a franchise sale in the NFL. It is also an indication of where the league is going. This, in spite of the lagging television ratings over the past couple of seasons.
Tepper’s first order of business is to ease the curiosity of the fans. He will, indeed, keep the team in Charlotte, North Carolina. There was one bidder who wanted to secure a new stadium in South Carolina.
In fact, the finalization of the sale of the Carolina Panthers should not be an issue. Seeing that David Tepper is well-known within the NFL realm of ownership. Congratulations Mr. Tepper.
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