AP sources: Tepper to buy Panthers for record $2.2 billion

AP sources: Tepper to buy Panthers for record $2.2 billion
(AP Photo/Mel Evans)

By STEVE REED
AP Sports Writer

CHARLOTTE, N.C. (AP) - People familiar with the situation say hedge fund manager David Tepper has agreed to buy the Carolina Panthers from team founder Jerry Richardson for a record $2.2 billion.

The people spoke to The Associated Press on Tuesday on condition of anonymity because the team has not yet announced the sale. The purchase is subject to a vote at the NFL owners meeting next week in Atlanta.

Richardson announced in December he was selling the team amid an NFL investigation for sexual and racial misconduct in the workplace.

The $2.2 billion eclipses the $1.4 billion the Pegula family paid to purchase the Buffalo Bills in 2014.

Tepper, 60, is a part owner of the Pittsburgh Steelers and founder and president of Appaloosa Management, a global hedge fund based in Miami.

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