Diddy Unsuccessful In Bid For Carolina Panthers

Doug Mendoza
May 16, 2018

When NFL owners meet in Atlanta next week, a vote to approve the record $2.2 billion sale of the Carolina Panthers to hedge fund founder David Tepper is expected to be the final step to transition ownership from founder Jerry Richardson.

Tepper is the founder of Appaloosa Management, one of the world's most preeminent hedge funds, and is worth an estimated $11 billion in personal wealth.

Tepper, 60 years old, has been a minority owner of the Pittsburgh Steelers for several years now, owning five percent of the franchise. However, Tepper would have to sell his minority ownership stake of the Steelers, per league rules. He became only the first former player since George Halas to own an National Football League team when he was awarded an expansion franchise in 1993.

According to reports, Tepper hails from a middle-class Pittsburgh family.

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On Dec. 17, Sports Illustrated published a report alleging that Richardson sexually harassed multiple women and used a racial slur toward a team scout. Richardson made his money as a fast-food magnate.

Forbes placed a value of $2.3 billion on the Panthers franchise in December of 2017. He earned an MBA from Carnegie Mellon University, although it had a different name when he was attending - it's been called the Tepper School of Business ever since the magnate donated $55m to the school in 2004.

He even got support from New England Patriots owner Robert Kraft who said, "I'm a big fan of his".

It started as a refreshing idea at a time when the news was rather disheartening. He's on the board of Robin Hood, New York City's largest poverty-fighting organization, and Tepper donated $3 million in hurricane relief to people in Houston and Puerto Rico previous year. Early in his career, he worked as a credit analyst at Goldman Sachs.

Other reports by GizPress

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