Tepper is a very successful hedge fund manager and now owns a five percent stake in the Steelers.
ESPN also confirms Tepper, who is worth $11 billion according to Forbes magazine, is committed to keeping the team in Carolina. If the finance committee accepts the proposal, it is expected that the owners will vote to approve as well. The purchase has to get the approval from the National Football League financial committee and then three-fourths approval from the 32 team owners.
If the situation becomes contentious if and when Tepper wants a new venue to replace Bank of America Stadium (perhaps one with a retractable roof so it can host other big events) things may change quickly.
The Carolina Panthers appear to be on the verge of finding a new owner.
According to Ian Rapport of NFL Network, Tepper would like to see the Panthers stay in Charlotte. One of the reasons that Richardson narrowed in on Tepper was because of his interest in keeping the team in Charlotte.
The Panthers also quickly announced an internal investigation, but a hastily assembled National Football League probe into Richardson subsumed it.