It's official: David Tepper named new owner of Carolina Panthers
17 May, 2018, 09:21
In a release Wednesday, the Panthersannounced that hedge fund billionaire David Tepper has agreed to purchase the team from Jerry Richardson. Jones explains why Richardson picked him, how Tepper made his money, which team he wants to emulate as he puts his ownership stamp on the Panthers and the virtual certainty that owners will approve Tepper's bid. "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", Tepper said in a statement.
The team, owned since its inception in 1993 by former National Football League player and Hardee's fast food restaurant franchisee Jerry Richardson Sr., in January retained Proskauer Rose chairman Joseph Leccese and William "Billy" Moore of leading North Carolina firm Moore & Van Allen to handle a proposed sale.
Sixty-year-old Tepper-who grew up around Pittsburgh and was previously a minority owner of the Pittsburgh Steelers-also said about the 2016 presidential candidates, "you have one person with questionable judgment and the other person may be demented, narcissistic and a scumbag", according to the The New York Post.
Former Panthers owner Jerry Richardson was effectively forced out of ownership following an ongoing investigation into racial and sexual misconduct allegations. The report said the Panthers had reached settlements with at least four former employees regarding inappropriate workplace behavior by Richardson. "The personal relationships we have enjoyed have been very meaningful to us", Richardson said in a statement. It's likely that this gave him an advantage over other bidders in the process.
The former Denver Bronco quarterback was going to be a part of SC billionaire Ben Navarro's bid to buy the team. Tepper emerged as the early leader, although Navarro at one point appeared to take the lead. Sources told ESPN that Rubin and Tsai bowed out when they were told that they shouldn't participate if they weren't prepared to pay "substantially more than $2.5 billion" - $300 million more than the ultimate sale price.
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City council member Tariq Bokhari said from all he has heard, David Tepper wants to keep the team here as well. Early in his career, he worked as a credit analyst at Goldman Sachs.
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