PITTSBURGH– The Carolina Panthers will stay in North Carolina, after reportedly being purchased by the Pittsburgh Steelers’ minority owner.
According to ESPN, David Tepper has agreed to purchase the Panthers for $2.2 billion.
That will set a record for the highest sale price for an NFL team, surpassing the $1.4 billion that the Buffalo Bills were sold for in 2014.
The deal is expected to be approved at the Owner’s Meetings later this month.
The purchase needs approval from the NFL financial committee and then three-fourths approval from the 32 owners.
Tepper, who is the founder of a global hedge fund called Appaloosa Management, is worth $11 billion, according to Forbes.
He will have to sell his 5% minority stake in the Steelers for the transaction to become final.
The Panthers were put up for sale last year after sexual harassment allegations were raised against former owner Jerry Richardson.