Charleston businessman Ben Navarro released a statement Tuesday after reports surfaced that hedge fund manager and Pittsburgh Steelers minority owner David Tepper was finalizing a deal to purchase the Carolina Panthers.
Tepper, 60, is the founder of the Miami-based hedge fund management firm Appaloosa Management. He now owns 5 percent of the Steelers and would have to sell that interest before completing the Panthers purchase.
The deal would transfer ownership from Jerry Richardson, who put the Panthers up for sale following accusations of sexual misconduct and using racial language at work. It appears the Carolina Panthers are off the market. Shockingly, that is $100 million less than Forbes estimated the Panthers to be worth a few months back and over $1 billion less than many predicted the sale would fetch.
If the deal does go through, Tepper will find himself in an interesting position due to President Donald Trump's ongoing feud with the National Football League over the player protests.More news: Salmonella Outbreak Sickens 35; 207 Million Eggs Recalled
The league's investigation into the allegations is still ongoing. After that a new owner is free to extend the lease to the stadium, build a new stadium or possibly move the team. He will, indeed, keep the team in Charlotte, North Carolina.
Tepper is known for his philanthropy.
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. He will have to give up that stake to become the Panthers' majority owner. The Panthers played their first season in 1995 and have reached two Super Bowls, though they lost both of them.