Published: Thu, May 17, 2018
World Media | By Shelia Harmon

Hedge Fund Manager Expected To Purchase Panthers For $2.2B

Hedge Fund Manager Expected To Purchase Panthers For $2.2B

The owner and proprietor of the Appaloosa Management hedge fund firm is said to be the "greatest hedge fund manager of his generation" - the Miami-based firm manages $17 billion worth of capital, although Tepper once described himself as a "regular upper-middle class guy who happens to be a billionaire".

Some of the most visible owners in the league have given handsomely to support Trump - eight donated $7.25 million to his inauguration, according to the Daily Beast, including New York Jets owner Woody Johnson, who Trump appointed as the US ambassador to Britain, New England Patriots owner Robert Kraft and Dallas Cowboys owner Jerry Jones.

David Tepper, the man who just reportedly agreed to pay $2.2 billion for the Carolina Panthers, is a very vocal critic of President Trump.

► $1 billion - Cleveland Browns (2012): Tennessee businessman Jimmy Haslam bought the franchise from the Lerner family, which paid $530 million to bring the Browns back to the National Football League in 1999 after a four-year absence.

The sale is expected to be approved in Atlanta on May 22 at the owners meetings. The hedge fund has earned Tepper billions, with Forbes estimating his net worth at more than $11 billion.

Tepper, a minority owner of the Pittsburgh Steelers, emerged as a vocal critic of President Donald Trump during the 2016 election.

According to ESPN's David Newton, Tepper was in Charlotte last Wednesday to meet with team officials. "He started with nothing and became successful in business and then got the team, which he made it Carolina's team and not Charlotte's team". Because he holds a 5% stake in the Steelers, Tepper's finances have already been vetted by the league, meaning it wouldn't take much for NFL owners to approve the sale.

Moving the Panthers out of Charlotte would seem to a longshot.

In appearance at Carnegie Mellon University, the former Livingston resident called Trump a "scumbag" and "demented".

Richardson was the first and only majority owner of the Panthers.

Per the Obvserver, Tepper was raised in a lower-middle-class neighborhood in Pittsburgh and attended the University of Pittsburgh, paying his own way to college by working at the school's library. Richardson promised fans at the time the Panthers would win a Super Bowl "within 10 years".

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