David Tepper, the billionaire hedge fund manager who runs Appaloosa Management, reached a deal to buy the National Football League’s Carolina Panthers, the 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,” said Panthers founder Jerry Richardson 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 has been a minority owner of the Pittsburgh Steelers since 2009, but will have to sell his stake in that team, according to NFL rules. “I am thrilled to have been selected to be the next owner of the Carolina Panthers,” he said in a statement.