Carolina Panthers founder Jerry Richardson will officially make our hometown team the most valuable in NFL history when he sells it to Pittsburgh Steelers minority owner David Tepper for $2.2 billion.
If finalized, the sale would set a record for the highest price ever paid for an NFL team, surpassing the $1.4 billion that the Buffalo Bills were sold for in 2014.
An insider league source confirmed the details of the deal to ESPN’s Seth Wickersham and Adam Schefter earlier today.
Steelers’ minority owner David Tepper is expected to sign the deal today to buy the Panthers and keep them in Carolina, league sources tell @SethWickersham and me. The deal then would be expected to be approved at the owners meetings in Atlanta on May 22.
— Adam Schefter (@AdamSchefter) May 15, 2018
The deal will need approval from the NFL financial committee and a 3/4ths approval from the 32 NFL team owners.
Because Tepper is a minority owner of the Steelers and has already passed the league’s vetting process, and because his estimated net worth is in excess of $11 billion, the deal is expected to be approved at the upcoming May 22nd owners meetings in Atlanta.
He will have to sell his 5% minority interest in the Steelers before completing the purchase.
He is planning on keeping the Panthers in Charlotte for the time being.
The Panthers’ sale is being widely watched since the final price will become a new benchmark for other teams. Several sources are now saying the Denver Broncos, the New Orleans Saints and the Tennessee Titans are also looking to change hands over the next few years. The senior owner of each of those teams has died in recent years or is in currently in bad health.
What do you think about the sale?