6 things to know about new Panthers owner David Tepper

Receiver D.J. Moore makes a reception during Day 1 of the Carolina Panthers’ rookie mini camp on Friday

Receiver D.J. Moore makes a reception during Day 1 of the Carolina Panthers’ rookie mini camp on Friday

Tepper, a hedge fund manager who now owns 5 percent of the Pittsburgh Steelers, is worth about $11 billion according to Forbes, and would pay for the deal in cash, according to a source.

According to Rapoport, an agreement is expected to happen which would allow for a vote on the sale by NFL owners at the Spring League Meeting in Atlanta, May 21-23.

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.

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Tepper has always been the favorite to buy the Panthers. The deal is reportedly worth between $2.1 and $2.5 billion.

Tepper, who owns five percent of the Steelers, would have to sell that interest prior to the purchase. Tepper founded Appaloosa Management, a hedge fund company based in Miami Beach, Florida, and is worth an estimated $11 billion. The purchase has to get the approval from the National Football League financial committee and then three-fourths approval from the 32 team owners.

Tepper attended Peabody High School and is a graduate Carnegie Mellon University, where the business school is named after him.

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