Carolina Panthers Nab New Owner - and It's Not Sean 'Diddy' Combs

Bank of America Stadium in Charlotte home of the NFL’s Carolina Panthers

Bank of America Stadium in Charlotte home of the NFL’s Carolina Panthers

The Carolina Panthers have announced that billionaire hedge fund manager David Tepper has agreed to buy the team, a move some will view as a disappointing turn of events for the Panthers and the NFL.

The amount was not specified in a news release issued by the Panthers.

Tepper, worth a reported $11 billion, is no stranger of criticizing President Donald Trump, who has had a long history of bad blood with the NFL, especially due to recent protests of the National Anthem. "The personal relationships we have enjoyed have been very meaningful to us".

Former Panthers owner Jerry Richardson was effectively forced out of ownership following an ongoing investigation into racial and sexual misconduct allegations.

The Carolina Panthers just got a new owner. "I wish David and his family the very best as they enter this exciting new phase of their lives".

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The team, owned since its inception in 1993 by former National Football League player and Hardee's fast food restaurant franchisee Jerry Richardson Sr., in January retained Proskauer Rose chairman Joseph Leccese and William "Billy" Moore of leading North Carolina firm Moore & Van Allen to handle a proposed sale. "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", Tepper said. 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.

Moving the Panthers out of Charlotte would seem to a longshot.

Tepper, 60, made his fortune as the founder of hedge fund Appaloosa Management, a company that holds almost $17B in assets.

And this isn't his first time on the turf - Since 2009, he's owned a 5% stake of the Pittsburgh Steelers, an investment he will have to sell to buy the Panthers. As a minority partner of the Steelers (he must now sell his shares), Tepper has already been vetted by the league and the approval process will likely be smooth. Forbes valued the team at $2.3 billion last September.

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