At Tuesday's prices, the sale of 4,587,852 shares would be worth more than $853 million. It's believed he is paying cash for the franchise.
The patriarchs of each of those teams have died in recent years or are in failing health. The NFL has since taken over the investigation of Richardson. It was then later announced that Richardson would sell the team in light of the allegations.
There are dozens of questions regarding Tepper and what he plans to do with his new team. He will have to give up that stake to become the Panthers' majority owner. While he has not been the outright owner of one before he does have a stake in one.
If an agreement is set, the owners can make the sale official with a vote at next weeks owners meeting in Atlanta, GA.
Ben Navarro, the founder of Charleston, South Carolina-based Sherman Financial Group LLC, was considered with Tepper to be the other top candidate to get Richardson's recommendation. He conceded Tuesday that he'd lost the bid. The SI report said the Panthers had reached settlements with at least four former employees regarding inappropriate workplace behavior by Richardson.
Moving the Panthers out of Charlotte would seem to a longshot. She said she would be fighting to keep the team in Charlotte.
The best part about this news, of course, is that the team is staying in Carolina.
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.
Tepper, age 60, has risen to be one of the world's richest hedge-fund managers since he founded Appaloosa Management in 1993.