It’s a done deal. On Wednesday morning, the Panthers officially announced the sale of the team to hedge fund manager David Tepper. Tepper will pay $2.2 billion in cash for the team plus $75MM down the line, pushing the total purchase price to $2.275 billion (Twitter link via NFL.com’s Ian Rapoport).
“Bringing the Panthers and the NFL to the Carolinas in 1993 was enormously fulfilling for Rosalind and me and all of our partners,” club founder Jerry Richardson said in a press release. “We are deeply grateful for the outpouring of support over the last 25 years. You have taken the Panthers into your hearts and made them part of this warm and supportive community. We want to thank all of our past and present players, coaches and staff for their hard work in making the Panthers a great success both on the field and in the community. The personal relationships we have enjoyed have been very meaningful to us. I look forward to turning the stewardship of the Panthers over to David Tepper. 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.”
Given that he has been a minority owner of the Steelers since 2009, it is expected that the NFL will quickly approve the transaction during the spring league meeting later this mont in Atlanta. The business end of the deal should be finalized by July, per the team’s announcement.
“I am thrilled to have been selected to be the next owner of the Carolina Panthers,” Tepper said. “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. I want to thank Jerry Richardson and the other Panthers partners for all they have done to establish and develop the NFL in the Carolinas. It has been a remarkable 25-year journey and I promise to build upon the Panthers’ success on the field and in the community.”
I’m guessing Mr. Tepper will have to sell his minority stake in the Steelers?
correct
For how much? He has little leverage. And what’s with the extra 75 million? Is that a tip?
He’s buying the team for the total price of $2.275 billion. $2.2 billion now, the remaining $75 million later.
Another excellent picture choice Zach!
His first action will be we are going to treat women with respect around here.
His second action will be I want the sleeves taken off the cheerleaders unis and then another 30% of cloth removed from them. We need to get more guys here and skimpier unis will help.
Just joking hopefully whatever was going on with the old owner will be fixed with the new. No place to treat women like that.