Published: Tue, May 15, 2018
Sport | By Wilson Duncan

Steelers minority owner to purchase Carolina Panthers

Steelers minority owner to purchase Carolina Panthers

ESPN's Adam Schefter and Seth Wickersham report that Pittsburgh Steelers minority owner David Tepper is set to sign the paperwork to buy the Panthers.

As Ozanian notes, this is not unique to the National Football League, as the new Houston Rockets owner had to leverage parts of his business to pay the $2.2 billion sum for the team. If the finance committee accepts the proposal, it is expected that the owners will vote to approve as well.

This story will be updated.

The source confirmed that the Panthers will be sold for $2.2 billion, which will set a record for the highest sale price for an National Football League team. After months of record-setting bidding, David Tepper reportedly reached an agreement to purchase the Panthers.

In mid-December, Jerry Richardson announced he was selling the team after Sports Illustrated reported allegations of misconduct in the workplace.

Another bidder, Ben Navarro, who owns a financial investment group, was unable to raise the estimated $2.6 billion he was said to have offered.

Raised in a lower-middle-class neighborhood in Pittsburgh, Tepper paid his way through the University of Pittsburgh by working at the campus library.

Tepper now runs Appaloosa Management, which manages about $17 billion and is based in Miami. Tepper has remained close to the school over the years and is delivering its commencement address Sunday.

Tepper has always been the favorite to buy the Panthers. "They remind me of my original hometown, Pittsburgh", Tepper told the Observer in April.

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