Bidding for Panthers reaches $2.5 billion

Annette Crawford
March 22, 2018

The Panthers are expected to set an National Football League record by fetching more than $2 billion after the Bills set the current record in 2014 when they sold for $1.4 billion to the Pegula family.

According to Scott Soshnick of Bloomberg, bidding for the Panthers has reached $2.5 billion, which would eclipse the Houston Rockets' $2.2 billion sale price as the most expensive of all time.

If the sale goes through at $2.5 billion, it would also top the purchase record for any sports franchise in North America. Basketball's Houston Rockets sold for $2.2 billion past year, while baseball's Los Angeles Dodgers sold in 2012 for $2 billion. The Dallas Cowboys are listed as the most valuable professional sports franchise at a worth of $4.8 billion.

Potential buyers are coming and going as the potential sale price of the NFL's Carolina Panthers soars to record levels.

On Wednesday, the Charlotte Observer reported that multiple sources said a steel and mining industry executive Alan Kestenbaum has surfaced as the latest potential bidder for the team. He is chairman and CEO of a private equity firm called Bedrock Industries LP.

Panthers owner Jerry Richardson disclosed plans in December to sell the franchise he brought to the Carolinas in the mid-1990s. But sources close to the process said Rubin has made a bid and is still interested in the team at the right price.

Felix Sabates, a local Charlotte businessman who is a minority owner of the Hornets, has tried to put together a local group to buy the Panthers.

The Observer has previously reported that likely bidders include Rubin, Charleston businessman Ben Navarro and Miami hedge fund manager David Tepper.

Bloomberg reported Wednesday that Canadian billionaire Jim Pattison could be backing Kestenbaum's bid, citing people familiar with the matter.

Other reports by Iphone Fresh

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