Sports | May 15, 2018 10:41 am

Carolina Panthers to Be Sold for NFL Franchise Record $2.2 Billion

The team's new owner, billionaire David Tepper, plans to keep the franchise in Charlotte.

Cam Newton Released by Carolina Panthers After 9 Seasons
Cam Newton reacts during the 2018 NFC Wild Card game. (Jonathan Bachman/Getty)
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According to multiple reports, billionaire hedge fund manager David Tepper has agreed to buy the Carolina Panthers for $2.2 billion, a record price for an NFL franchise. Once completed, the deal will surpass the $1.4 billion the Buffalo Bills were sold for in 2014.

The opportunity to buy the team arose after allegations of sexual harassment and misconduct by current Panthers owner Jerry Richardson came to light in December.

To complete the deal with Tepper, who is expected to keep the team in Charlotte, the sale needs to be approved by 24 of the league’s 32 owners. According to league rules, Tepper must also pay at least 30% of the selling price—$660 million—himself.

The deal is expected to be completed because Tepper was already vetted by the league when he purchased a minority stake in the Pittsburgh Steelers and because he has a substantial amount of personal wealth, estimated at $11 billion.

“If he’s good enough for Art Rooney, he’s good enough for me,” one owner told The New York Times.

If the deal for the Panthers goes through, Tepper will have to sell off his stake in the Steelers.