Hedge fund manager David Tepper signed an agreement to purchase the Carolina Panthers, the team announced Wednesday.
The sale is expected to come in at $2.2 billion, marking a record for the highest sale price for an NFL team. That price would surpass the $1.4 billion for which the Buffalo Bills were sold in 2014.
"I am thrilled to have been selected to be the next owner of the Carolina Panthers," Tepper said in a statement. "I have learned a great deal about the community and the team over the past several months and look forward to becoming part of the Carolinas. I want to thank Jerry Richardson and the other Panthers partners for all they have done to establish and develop the NFL in the Carolinas. It has been a remarkable 25-year journey and I promise to build upon the Panthers' success on the field and in the community."
Tepper will have to sell his five percent minority stake in the Pittsburgh Steelers and have the deal approved by three-fourths of NFL owners (24) at the owners meetings in Atlanta next week. He bought his share of the Steelers months after the team won the Super Bowl, with that value now estimated at $122.5 million given Forbes' recent list of the Steelers' worth.
The 60-year-old Tepper founded Appaloosa Management, a hedge fund company based in Miami Beach (Fla.) and is worth an estimated $11 billion, according to Forbes.
Under league rules, Tepper must put up at least 30 percent of the selling price.
Richardson, 81, announced he was selling the Panthers in December after the league took over an investigation looking into allegations of workplace misconduct.
Sports Illustrated published a report on Dec. 17 alleging that Richardson sexually harassed multiple women and used a racial slur toward a team scout. The report said the Panthers had reached settlements with at least four former employees regarding inappropriate workplace behavior by Richardson.