Jerry Richardson's Sale of Panthers to David Tepper Could Happen Tuesday

Jerry Richardson's Sale of Panthers to David Tepper Could Happen Tuesday

Tepper, a hedge fund founder and now a minority owner of the Pittsburgh Steelers, is one of 109 billionaires who own the top 140 sports brands, according to a joint report released in October from money manager UBS and consultancy PricewaterhouseCoopers.

Late a year ago, Carolina Panthers owner Jerry Richardson, announced his decision to sell the team following a Sports Illustrated report which outlined some of Richardson's alleged sexual and racial misconduct toward former employees.

Forbes reports that Tepper has a net worth of $11 billion.

"$2.2 billion I believe is the largest sale price for professional sports franchise in the history of the country, so that solidifies the fact that the Panthers are the best pro sports franchise in the country", Egleston said.

Two things must happen for the sale to become official: Tepper must sell his 5% minority stake in the Steelers he purchased in 2009, said to be worth north of $120m, and he must be approved by three-fourths of National Football League owners at next week's meeting - neither should be an issue as he was vetted when he made the minority purchase.

The sale is expected to be approved in Atlanta on May 22 at the owners meetings.

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Hedge fund titan David Tepper is closing in on an agreement to buy the team for a $2.2 billion. In 2012, that earned him a reported $2.2 billion paycheck.

"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", said Tepper, who was born and raised in Pittsburgh. Tepper grew up near Pittsburgh in a Jewish household, the middle of three children and helped pay his way through college at the University of Pittsburgh by stacking books at a campus library, the Observer reported.

Panthers founder Jerry Richardson had in December had announced his interest to sell the team. That decision came after a report by Sports Illustrated detailing Richardson's alleged misconduct.

Since 2009, he's owned a 5% stake of the Pittsburgh Steelers, an investment he will have to sell in order to buy the Panthers.

Tepper is known for his philanthropy. He may also soon find himself with a lot of money coming back to him - in the form of tax savings - from his purchase of the Panthers for $2.2 billion from Jerry Richardson. The Panthers played their first season in 1995 and have reached two Super Bowls, though they lost both of them.

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