NFL owners approve sale of Panthers for $2.275 billion

Hedge fund manager David Tepper buys team

Streeter Lecka Getty Images

NFL owners unanimously approved hedge fund manager David Tepper's $2.275 billion purchase of the Carolina Panthers on Tuesday.

The league announced approval of the sale during the owners' spring meeting in Atlanta.

Tepper, who has a net worth of $11 billion, according to Forbes, is committed to keeping the team in Charlotte.

He becomes only the second Panthers owner in the franchise's history. Jerry Richardson, who founded the team in 1993, announced he was selling the Panthers in December amid allegations of sexual and racial misconduct in the workplace.

The $2.275 billion price tag is the most ever paid for an NFL team, beating out the $1.4 billion paid for the Buffalo Bills in 2014.

A 60-year-old Pittsburgh native, Tepper is founder and president of Miami-based hedge fund Appaloosa Management. 

Tepper purchased a 5 percent stake in the Steelers in September 2009, but will have to sell his shares as part of the deal to buy the Panthers.

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