ReutersDavid Tepper and the Carolina Panthers announced an agreement in principle is in place to transition ownership from franchise founder Jerry Richardson pending NFL approval.
Tepper will reportedly pay $2.275 billion for the Panthers, an expansion franchise in 1995. Other bidders conceded Tuesday to Tepper’s final bid, which is well above the NFL-record $1.4 billion sale of the Buffalo Bills in 2014.
“I am thrilled to have been selected to be the next owner of the Carolina Panthers,” Tepper said in a joint statement distributed by the Panthers on Wednesday morning.
“I have learned a great deal about the community and the team over the past several months and look forward to becoming part of the Carolinas.
“I want to thank Jerry Richardson and the Panthers’ partners for all they have done to establish and develop the NFL in the Carolinas. It has been a remarkable 25-year journey and I promise to build upon the Panthers’ success on the field and in the community.”
The agreement comes five months after Richardson announced he would place the franchise on the market amidst allegations of sexual harassment and racial intolerance in the workplace.
A final $2.275 billion price tag exceeds the professional sports franchise record amount paid by Tilman Fertitta to purchase the NBA’s Houston Rockets ($2.2 billion).