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NFL Approves Panthers Sale to Tepper

NFL approves sale of Panthers to David Tepper.
Credit: Stephen Lew
Jan 7, 2018; New Orleans, LA, USA; Carolina Panthers quarterback Cam Newton (1) reacts after a Panthers touchdown against the New Orleans Saints during the fourth quarter in the NFC Wild Card playoff football game at Mercedes-Benz Superdome. Mandatory Credit: Stephen Lew-USA TODAY Sports

ATLANTA (AP) - The NFL has unanimously approved a $2.2 billion deal to sell the Carolina Panthers to David Tepper.

The league announced the completion of the purchase Tuesday during its spring meeting in Atlanta. It was the first order of business after Tepper was approved by the owners' finance committee during a morning session.

Tepper is paying an NFL-record price to buy the team from Jerry Richardson, the team's founder and only owner since the Panthers entered the league in 1995.

Richardson abruptly announced he was selling the team last December after coming under investigation from the league for sexual and racial misconduct in the workplace.

Tepper is the founder and president of global hedge fund Appaloosa Management, with a reported net worth of $11 billion. Already familiar to the league as a minority owner of the Pittsburgh Steelers, his purchase was quickly approved.

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