CHARLOTTE, N.C. – Billionaire David Tepper is has agreed to purchase the Carolina Panthers for an NFL record $2.2 billion.
The previous record for an NFL franchise was $1.4 million, paid by the Pegula family for the Buffalo Bills in 2014.
Here are five things to know about the new Panthers owner:
1. He's a minority owner of the Pittsburgh Steelers
In September 2009, Tepper was among four investors added to the Steelers' ownership structure. He is the second of those owners to become the primary owner of an NFL franchise, following Jimmy Haslam, who purchased the Cleveland Browns for $1 billion in 2012.
Because he's already in the NFL ownership circle, he's been vetted by the league and would likely be voted in by the owners at the Spring League Meetings in Atlanta later this month. All new NFL owners require approval from three-fourths of the owners to officially acquire a team.
2. His net worth is around $11 billion, according to Forbes
Forbes reported that Tepper's worth is $11 billion, with that money coming from his high-earning hedge funds with his company, Appaloosa Management. The Miami Beach, Florida-based hedge fund's value increased by almost 50-percent in the last quarter of 2017, according to Investopedia.
The company's largest holdings were Micron Technology Inc., Facebook, and Powershares QQQ Trust. At $11 billion, Tepper would become the NFL's second-wealthiest owner behind Seattle's Paul Allen.
3. He didn't submit the highest bid for the team
According to several reports, Charleston businessman Ben Navarro bid $2.6 billion for the team, and as of last week, was still seeking limited partners to join his group. Among the names Navarro reportedly sought interest from was NFL legend Peyton Manning.
Business Insider reported that the NFL requires owners to own at least 30-percent of the team and have a debt limit of $350 million, which made Tepper's lower bid of $2.2 billion difficult to beat.
4. His philanthropy is well known and he's generous with his wealth
In 2003, Tepper announced a single donation of $55 million to Carnegie Mellon University's business school after encouragement from his former professor, Keith Dunn. In total, he's donated $125 milliion to the school, which is now called the Tepper School of Business.
In 2012, he donated $200,000 in gift cards to families in the wake of Hurricane Sandy. Tepper's Better Education Institute donated a total of $1.2 million to 12,000 New Jersey residents affected by Sandy.
5. He reportedly wants to keep the team in Charlotte
According to a report from NFL.com's Ian Rapoport, Tepper wants to keep the Panthers in Charlotte. That opinion was also expressed by NFL Commissioner Roger Goodell in January.
"I think all of us and the owners believe that Carolina is a great market," Goodell said. "It's a mark we would like to stay in. We hope the franchise owner that's eventually selected will have that view."