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Billionaire hedge fund manager David Tepper reportedly close to finalizing deal for Carolina Panthers at record price

  • Billionaire hedge fund manager David Tepper is close to finalizing a deal for the NFL's Carolina Panthers, according to the NFL Network and ESPN.
  • ESPN says the price would be $2.2 billion, tying a record for a sports team.
  • The deal would transfer ownership from Jerry Richardson, who put the Panthers up for sale following accusations of sexual misconduct and using racial language at work.
Cam Newton #1 celebrates after a touchdown against the Miami Dolphins during their game at Bank of America Stadium on November 13, 2017 in Charlotte, North Carolina.
Grant Halverson | Getty Images
Cam Newton #1 celebrates after a touchdown against the Miami Dolphins during their game at Bank of America Stadium on November 13, 2017 in Charlotte, North Carolina.

Billionaire hedge fund manager David Tepper is close to finalizing a deal for the NFL's Carolina Panthers, according to the NFL Network and ESPN.

The deal would transfer ownership from Jerry Richardson, who put the Panthers up for sale following accusations of sexual misconduct and using racial language at work.

Tepper is founder and president of Appaloosa Management. The hedge fund has earned Tepper billions, with Forbes estimating his net worth at more than $11 billion.

David Tepper,  founder and president of Appaloosa Management.
Cameron Costa | CNBC
David Tepper, founder and president of Appaloosa Management.

ESPN reported the sale would be for $2.2 billion, tying a record price for a sports team.

Tepper already owns a minority stake in the Pittsburgh Steelers, which he will sell as part of the next steps for the deal to be completed, according to the NFL Network. His purchase will also need to be approved by the owners.

The hedge fund manager and the Panthers did not immediately return calls for comment.