Billionaire hedge fund manager David Tepper has reached a deal to buy the Carolina Panthers, the National Football League team announced Wednesday.
The deal, which has been reported to be worth a league-record $2.2 billion, is subject to NFL approval and is expected to close in July.
"I look forward to turning the stewardship of the Panthers over to David Tepper," Panthers founder Jerry Richardson said in a statement. "I have enjoyed getting to know him in this process and am confident that he will provide the organization with great leadership in both its football and community initiatives."
Richardson began shopping the team around after the league started an investigation into allegations of sexual and racial misconduct in the workplace.
Tepper, who runs Appaloosa Management, would have to sell his stake in the Pittsburgh Steelers, according to NFL rules. He has had a minority stake in that team since 2009.
"I am thrilled to have been selected to be the next owner of the Carolina Panthers," Tepper said in a statement.