Tepper expected to sign deal to buy Panthers

Tepper expected to sign deal to buy Panthers

Tepper expected to sign deal to buy Panthers

Jason La Canfora of CBS Sports reports that hedge fund manager and Pittsburgh Steelers minority owner David Tepper looks set to buy the team. After months of record-setting bidding, David Tepper reportedly reached an agreement to purchase the Panthers.

The deal would be expected to be approved at the owners meetings in Atlanta on May 22. There has been a lot o talk about the Panthers getting a new stadium, and if he would move the team if he didn't get one. The purchase needs to get approval from the National Football League financial committee and then three-fourths approval from the 32 owners.

ESPN also confirms Tepper, who is worth $11 billion according to Forbes magazine, is committed to keeping the team in Carolina.

Tepper, 60, would have to sell his 5 percent stake in the Steelers before completing the purchase of the Panthers. Richardson, who founded a Panthers franchise that started National Football League play in 1995, reportedly had an original plan for the team to be sold within two years of his death.

The Carolina Panthers were put up for sale last season, following sexual harassment and racial misconduct allegations against owner Jerry Richardson.

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