New Panthers Owner Will Be Lobbying Heavy For Gambling

New Panthers Owner Will Be Lobbying Heavy For Gambling

We know that David Tepper, who's expected to sign a deal Tuesday to buy the Carolina Panthers, is a hedge-fund billionaire, that he worked his way through college in his native Pittsburgh and is both media savvy and generous with his money. He is described as "arguably the greatest hedge fund manager of his generation" by Forbes, which estimates his net worth at $11 billion.

David Tepper, the man who just reportedly agreed to pay $2.2 billion for the Carolina Panthers, is a very vocal critic of President Trump.

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. His purchase will also need to be approved by the owners.

Hedge fund manager David Tepper has agreed to buy the Panthers from team founder Jerry Richardson, two people familiar with the situation said Tuesday.

The deal is expected to become final later this month with Tepper paying a reported $2.2 billion.

Tepper will have full ownership of the team. In April Tepper told a student at his alma mater, Carnegie Mellon University: "whether I like the person or not I'm not going to get into that although I did call him a demented, narcissistic scumbag". Richardson immediately put the team up for sale, looking for only its second owner in team history.

Sports Illustrated reported accusations of sexual harassment, including inappropriate touching by more than one woman and a racial slur made to a team scout.

Buffalo Bills, NFL, $1.4 billion: Terry Pegula paid $1.4 billion to purchase the franchise in 2014, breaking the league's previous record. Plus, Tepper can use the sale of his minority stake to help finance this deal, giving him another quick route to revenue.

Tepper is known for his philanthropy. In 2004, he donated $55 million to his alma mater, Carnegie Mellon.

The proposed Panthers sale highlights an upward trajectory for the value of professional teams in major sports. Carolina have twice reached the Super Bowl, most recently in 2015, but have never won.

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