Hedge fund founder David Tepper is expected to sign a deal to purchase the Carolina Panthers for $2.2 billion, according to multiple reports Tuesday morning.
The sale would need to be approved by NFL owners, who are scheduled to meet in Atlanta next week.
The sale price of $2.2 billion, which was first reported by The Charlotte Observer, matches the amount that restaurant and casino billionaire Tilman Fertitta recently paid to purchase the NBA's Houston Rockets. It also dwarfs the previous highest sales price for an NFL team — $1.4 billion for the Buffalo Bills in a 2014 transaction.
Current Panthers owner Jerry Richardson put the team up for sale in the wake of allegations of sexual harassment and racial intolerance. The NFL has since taken over the investigation of Richardson.
Tepper, 60, is the founder of Appaloosa Management and a minority owner of the Pittsburgh Steelers. In a March ranking of billionaires, Forbes estimated his net worth at $11 billion.
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