Hedge fund billionaire David Tepper reaches deal to buy the Carolina Panthers

• 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.
• Tepper, a minority owner of the Pittsburgh Steelers since 2009, would have to sell his stake in that team, according to NFL rules.

Cam Newton #1 of the Carolina Panthers points to the crowd in the fourth quarter of their game against the San Francisco 49ers at Levi's Stadium on September 10, 2017 in Santa Clara, California.

Ezra Shaw | Getty Images

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.