Published: Wed, May 16, 2018
Sport | By Cameron Gross

Carolina Panthers sale official; Tepper to be new owner

Carolina Panthers sale official; Tepper to be new owner

The Carolina Panthers have been sold to billionaire hedge fund manager David Tepper for what's expected to be an NFL-record north of $2.2 billion.

That should mean he will fit right in with NFL coaches, who use the cliché as a default response to avoid saying anything more illuminating.Tepper will also fit in with his new partners, the NFL owners who will approve his purchase of the Panthers from Jerry Richardson for $2.275 billion, NFL Network Insider Ian Rapoport reported. "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.

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.

The deal comes five months after Richardson announced plans to sell the team on December 17, the same day Sports Illustrated published a report detailing allegations of sexual and racial misconduct against him. That decision came after a report by Sports Illustrated detailing Richardson's alleged misconduct.

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"We are deeply grateful for the outpouring of support over the last 25 years", Richardson said. You have taken the Panthers into your hearts and made them part of this warm and supportive community. "The personal relationships we have enjoyed have been very meaningful to us", Richardson said in a statement. I wish David all the best as he completes the process to finalize the transaction and assumes the leadership of the Panthers' organization.

The release didn't mention if Tepper plans to move the team or keep it in Charlotte.

The Panthers are tied to their downtown stadium through the 2018 season because of an agreement with the city.

A SC businessman released a statement Tuesday wishing the Panthers "success" moving forward. Richardson said in 2009 that his family owns 48% of the team, according to The Charlotte Observer.

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