Tepper is a minority owner of the Pittsburgh Steelers, as well as founder and president of Appaloosa Management. The hedge fund has earned Tepper billions, with Forbes estimating his net worth at more than $11 billion.
Several contenders are looking to buy the team from Jerry Richardson, who put the Panthers up for sale after he was accused of sexual misconduct and using racist language at work. The team is estimated to be worth about $2.3 billion. Tepper is the leader to buy the Panthers, according to the report.
In December, businessman and rap artist Sean "Diddy" Combs said he wants to buy the Panthers.