David Tepper finalizes Panthers purchase

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Billionaire hedge fund manager David Tepper is expected to sign a deal and complete the purchase for the Carolina Panthers, reports ESPN.com's Adam Schefter and Seth Wickersham.

The Panthers were put up for sale previous year after sexual harassment allegations were raised against former owner Jerry Richardson.

The owners could vote on Tepper's application as early as next week, when they meet in Atlanta.

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This story will be updated.

Advised by Steve Greenberg of Allen & Co., Richardson initially sought at least $3 billion for his team, but trimmed his expectations when no potential buyers emerged at that price. Tepper graduated from the University of Pittsburgh and Carnegie Mellon, where the Tepper School of Business is named after him.

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

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CHARLOTTE, N.C. (AP) - The Carolina Panthers are being sold for an NFL-record $2.2 billion. Tepper is a very successful hedge fund manager and now owns a five percent stake in the Steelers.

According to reports, the sale would be worth $2.2 billion and Tepper is reportedly keen to keep the team in Charlotte.

Forbes listed Tepper's net worth at $11.4 billion in February 2017. "Owning your favorite football team? That's every little boy's dream", says his friend Marc Kramer.

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It is unclear at this time whether Tepper will be the sole owner or have minority owners.

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