Report: David Tepper Expected To Buy Carolina Panthers For $2.2 Billion

The billionaire hedge fund manager also owns a minority share in the Steelers.

Billionaire hedge fund manager David Tepper is expected to sign a deal and complete the $2.2 billion purchase for the Carolina Panthers, reports ESPN.com's Adam Schefter and Seth Wickersham.

The $2.2 billion purchase price would be a record for an NFL franchise, topping the $1.4 billion Terry Pegula paid for the Buffalo Bills in 2014.

According to the report, Tepper is expected to keep the team in Carolina. The sale of the team needs approval from 3/4 of the league's owners, who are set to meet in Atlanta on May 22. The 60–year–old Tepper also must put up 30% of the selling price before the deal is complete.

Tepper, who also is a Pittsburgh Steelers minority owner, founded the Miami Beach, Fla.–based global firm Appaloosa Management. According to Forbes, Tepper is worth $11 billion and the Panthers are worth $2.3 billion.

It was reported on May 11 that Tepper was the favorite in the bidding process over South Carolina financier Ben Navarro.

The Panthers went up for sale after SI reported on December 17 that owner Jerry Richardson and the team made multiple confidential payouts for workplace misconduct, including sexual harassment and use of a racial slur with a team scout.

Over the next 48 hours, Richardson declared his intention to sell the Panthers, removed himself from operational control and elevated Tina Becker, who had been executive director of the owner’s office, to chief operating officer.

The Panthers also quickly announced an internal investigation, but a hastily assembled NFL probe into Richardson subsumed it.