The Carolina Panthers need a fresh start, and David Tepper offers that hope to the fanbase as he buys the team on Tuesday.
After new broke in December that alleged Carolina Panthers owner Jerry Richardson of sexual misconduct with female employees in the workplace, it was clear that the franchise needed a change. Richardson immediately put the team up for sale, looking for only its second owner in team history.
Barring a shocking turn of events, that will finally come to fruition on Tuesday with the sale being made official. David Tepper, who currently owns a minority stake in the Pittsburgh Steelers (he will sell before officially being made the Carolina owner) will buy the Panthers for a whopping figure of approximately $2.2 billion.
Tepper, 60, who made his fortune in hedge funds, is estimated to have a net worth of $11 billion, so this is nothing more than a proverbial drop in the bucket. Plus, Tepper can use the sale of his minority stake to help finance this deal, giving him another quick route to revenue.
As for the Panthers, they are expected to stay in Charlotte. There was some talk that depending on who bought the team, relocation could be a possibility, but that is now a moot point.
The sale is easily the biggest of any NFL franchise to this point, with the previous high being the Buffalo Bills to Terry and Kim Pegula in 2014 at $1.4 billion. Simply math and increasing revenues tell us that a $3 billion sale isn’t too far away.
With Richardson’s tenure in the rearview, the Panthers and their fans can move on from an ugly chapter. The question now turns to what kind of an owner Tepper will be, and whether he will put strict guidelines and safeguards in place to ensure the safety and happiness of all employees.