Diddy Unsuccessful In Bid For Carolina Panthers

  • Diddy Unsuccessful In Bid For Carolina Panthers

Diddy Unsuccessful In Bid For Carolina Panthers

According to NFL.com, after the financial committee approves of the sale, the NFL owners will approve, as well. After months of record-setting bidding, David Tepper reportedly reached an agreement to purchase the Panthers. Under league rules, Tepper must put up at least 30 percent of the selling price. The NFL franchise looks set to be purchased by hedge fund manager, David Tepper, who is reportedly worth $11 billion as the founder of Appaloosa Management. His interest in the Steelers would have to be sold before purchasing the Panthers. Richardson announced in December he was selling the team amid an National Football League investigation for sexual and racial misconduct in the workplace.

Sports Illustrated reported accusations of sexual harassment, including inappropriate touching by more than one woman and a racial slur made to a team scout.

Richardson spent just $140 million for the rights to the Panthers in 1993.

Richardson, 81 years old, quickly moved to sell the team shortly after the allegations against him came to light, though he had previously indicated that the team would be sold, and not passed on through his family, when he died.

Tepper emerged as the early leader, although Navarro at one point appeared to take the lead. Tepper is paying $2.2 billion in cash.

The best part about this news, of course, is that the team is staying in Carolina. The banking and legal team have worked to sell the LA Clippers, Washington Wizards, St. Louis Cardinals, Brooklyn Nets and other major franchises in recent years.

Born in 1957, he grew up in what has been described as a lower middle-class Pittsburgh neighborhood as the son of an accountant (Harry) and a public school teacher (Roberta). He would spend time with Goldman Sachs before setting out on his own.