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David Tepper finalizes deal to buy Panthers, report says

Sporting News logo Sporting News 5/14/2018 Gabrielle McMillen

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The Panthers will have a new owner sooner than later.

Steelers minority owner David Tepper has finalized a deal to purchase the team, WBNG.com reported Monday

Tepper, who is the founder of Appaloosa Management, bought the team from anywhere between $2.1 and $2.5 billion. Tepper is worth an estimated $11 billion.

In order for Tepper to take ownership of the Panthers, he must sell his stake with the Steelers. But since he is already approved by the NFL as a part owner, the process for him to take over should be smooth.

The purchase will likely be presented for a possible vote by the financial committee at the Spring League Meeting in Atlanta, May 21-23. According to NFL.com, after the financial committee approves of the sale, the NFL owners will approve, as well.

The team was put up for sale in December after current owner Jerry Richardson was accused of workplace harassment and racism.

Richardson agreed to step aside, and one reason he is honed in on Tepper is because Tepper reportedly wants to keep the Panthers in Charlotte and because his approval as team owner will materialize much faster than other candidates' approval.

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