David Tepper named new owner of Carolina Panthers

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The Carolina Panthers have been sold to billionaire hedge fund manager David Tepper for what's expected to be an NFL-record north of $2.2 billion.

O'Melveny & Myers sports industry co-chairs Charles Baker and Irwin Raij are counseling Tepper on the transaction, which requires the approval of at least 24 of 32 National Football League team owners.

While Tepper is sure to have a good understanding of the way his former team operated, as a minority owner, his knowledge of the day-to-day operations is likely to have been limited as the shares gave him no say in the way the team was run. "I have learned a great deal about the community and the team over the past several months and look forward to becoming part of the Carolinas", Tepper said in a statement. Tepper also thanked previous owner Jerry Richardson for their part in the last 25 years of the Panthers' history and he promised to "build upon the Panthers' success on the field and in the community".

Jerry Richardson, the team's founder and only owner, abruptly announced he was selling the team last December after coming under investigation from the league for sexual and racial misconduct in the workplace.

SI's article claimed the team paid off at least four former staffers in settlements. "The personal relationships we have enjoyed have been very meaningful to us". There is a statue of him outside Bank of America Stadium in Charlotte, and Richardson once wielded considerable influence in league matters.

The transaction is expected to close in July, the team announced.

The former Denver Bronco quarterback was going to be a part of SC billionaire Ben Navarro's bid to buy the team.

Tepper bested a group of bidders that included Charleston-based financial advisor Ben Navarro, Fanatics owner Michael Ruben and Bedrock Industries Chairman Alan Kestenbaum. Tepper emerged as the early leader, although Navarro at one point appeared to take the lead.

The reported price tag for the sale is somewhere between $2.2-2.3 billion.

A SC businessman released a statement Tuesday wishing the Panthers "success" moving forward.

Sterling was essentially forced to sell the Los Angeles Clippers. He donated $3 million over the year to help with hurricane relief in Puerto Rico and Texas.

Bokhari said he can't believe Tepper or any new owner would move the team. Tepper grew up in a lower- to middle-class neighborhood in Pittsburgh and received a degree in economics from the University of Pittsburgh.