David Tepper, a current minority owner of the Pittsburgh Steelers, has agreed to buy the Carolina Panthers for an NFL record $2.2 billion, the Charlotte Observer reports.
He plans to keep the team in Charlotte, ESPN reports.
The Buffalo Bills were sold for then-recording setting $1.4 billion back in 2014. Teppers investment matches the most a person or group has ever paid for a major four sports team; the Houston Rockets were purchased for $2.2 billion as well, last year.
David Tepper will pay $2.2 billion for the Carolina Panthers, which ties the Houston Rockets for the highest whole sale of a team. Its shockingly less than the $2.3 billion Forbes valued it at. Richardson, at one point, thought he could get $3 billion.
— Darren Rovell (@darrenrovell) May 15, 2018
Tepper currently has a five percent share of the Steelers, which he purchased back in 2009, meaning he has already gone through the NFLs rigorous tests to become an owner. He will however, have to sell his stake in that team before he officially takes control of the Panthers.
NFL owners need to approve the sale and subsequent purchase, which is expected to happen during the owners meetings in Atlanta later this month. Three-fourths of the 32 owners and the leagues financial committee need to approve the sale.
Tepper, the founder of the global hedge fund Appaloosa Management, has a net worth of $11 billion.
The Panthers have been owned by Jerry Richardson since 1995, but he decided to sell the team after a Sports Illustrated investigation brought multiple allegations of workplace misconduct to light.
He allegedly made inappropriate comments about womens bodies and appearances and also touched them without consent. Further, he supposedly made a racist comment to an employee and then settled that dispute. He announced back in December that he would sell the team.