Hedge fund owner expected to purchase Panthers

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On Tuesday, sources told Rapoport that the sale of the team may be completed by the end of the day. But in the end, given the other National Football League owners needed to approve these new owners, they're set to unsurprisingly accept a bid from someone who is already in the National Football League owners club. That decision came after a report by Sports Illustrated detailing Richardson's alleged misconduct. As such, he has already been vetted by the league in terms of qualifying as an owner.

One of the biggest concerns for Panthers fans were if Tepper would want to move the Panthers to a different city. He conceded today that he'd lost the bid.

Advised by Steve Greenberg of Allen & Co., Richardson initially sought at least $3 billion for his team, but trimmed his expectations when no potential buyers emerged at that price.

The best part about this news, of course, is that the team is staying in Carolina.

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The Panthers are tied to their downtown stadium through the 2018 season because of an agreement with the city.

Tepper, though, was long the preferred buyer from inside the NFL. The Panthers have been one of the NFL's best supported teams with only two non-sellout games since the team began playing its home games in Charlotte in 1996. Also according to those guidelines, Tepper must acquire 30 percent of the equity in the club - typically, substantially more - and limit his ownership group to no more than 25 partners. Recently, when the owners of the Pittsburgh Steelers indicated they were willing to sell a stake in the team, he seized the opportunity with childlike enthusiasm. Tepper is worth an estimated $11 billion. 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.

Richardson has been the only majority of the Panthers. And Eagles owner Jeffrey Lurie called Trump's presidency "disastrous" in a meeting with owners and players previous year that was secretly recorded and leaked to The New York Times last month.