Published: Tue, May 15, 2018
Sports | By Ivan Ross

David Tepper expected to sign deal to buy Panthers

David Tepper expected to sign deal to buy Panthers

He went to college and business school there, then briefly moved across the OH border to do some accounting for a steel company.

Pittsburgh Steelers minority owner and hedge fund manager David Tepper is expected to sign a deal Tuesday to buy the Panthers from owner Jerry Richardson, ESPN's Adam Schefter and Seth Wickersham reported Tuesday, citing a league source.

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Even with some thinking the value of sports teams is about to skyrocket with the addition of potential gambling revenues, the sale of the Panthers is proceeding as planned. The sale of the team needs approval from 3/4 of the league's owners, who are set to meet in Atlanta on May 22.

The search for the team's new owner has taken more than five months. The announcement came shortly after an article in Sports Illustrated linked him to allegations of sexual harassment.

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Another bidder, Ben Navarro, who owns a financial investment group, was unable to raise the estimated $2.6 billion he was said to have offered.

The 60-year-old Tepper was born in Pittsburgh, attended the University of Pittsburgh and earned an MBA from Carnegie Mellon in 1982 - the business school now dons his name. His investment is now worth $122.5 million, based on the current valuation of the Steelers ($2.45 billion, per Forbes). "They remind me of my original hometown, Pittsburgh", Tepper told the Observer in April.

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