Panthers announce agreement to sell team to David Tepper

Annette Crawford
May 16, 2018

The Carolina Panthers announced Wednesday that Pittsburgh Steelers minority owner David Tepper signed a deal to purchase the team.

Tepper is already a minority owner of the NFL's Pittsburgh Steelers following an ownership restructuring by that franchise almost a decade ago, so a sale of the Panthers should be finalized shortly, according to news reports. The team went for a reported $2.2 billion.

The deal would have to be approved at the owners meetings in Atlanta in May.

News of the sale came in December shortly after an in Sports Illustrated linked Richardson to allegations of sexual harassment - and, with the terms set, the sale is now on the goal line. Shortly after putting the team on the market, Richardson ceded day-to-day control of the team to chief operating officer Tina Becker.It is unclear if Becker, who has not spoken to reporters since, will have a role with the team after Tepper takes over.

Tepper told the New York Times, "Those who keep their heads while others are panicking usually do well". The team is also located in Charlotte, North Carolina, which is a decent East Coast market, and quarterback Cam Newton is one of the most marketable stars in the NFL.

In a statement released by the team, Richardson said, "Bringing the Panthers and the National Football League to the Carolinas in 1993 was enormously fulfilling for Rosalind (his wife) and me and all of our partners".

"We are deeply grateful for the outpouring of support over the last 25 years", Richardson said. "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", Richardson said in a statement.

Tepper is worth $11 billion, according to Forbes' billionaires list. I wish David all the best as he completes the process to finalize the transaction and assumes the leadership of the Panthers' organization.

The details about how much Tepper will be paying to buy the Panthers is unconfirmed.

Other reports by Iphone Fresh

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