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David Tepper nearing Carolina Panthers touchdown
Posted on Wednesday, 16 May 2018 11:42
American football team Carolina Panthers is close to being acquired after multiple reports suggested a bid for the franchise from hedge fund founder David Tepper is about to be signed.
Reuters picked up on the news, saying that a vote to approve the proposed deal, worth USD 2.20 billion, is expected to take place next week and is likely to be the final step before the purchase can occur.
The Carolina Panthers have been on the block for a few months; back in December, Sports Illustrated reported on allegations of sexual harassment and racial intolerance against founder Jerry Richardson.
Having conducted an investigation into the matter, the sports media franchise cited multiple incidences of confidential settlements being reached following complaints from members of staff.
Richardson subsequently announced that he intended to sell the Panthers at the conclusion of the 2017 season, which ended on 4th February 2018.
Just yesterday, 12 Sports cited a source close to the situation as saying that Tepper had finalised a deal to acquire the team for between USD 2.10 billion and USD 2.50 billion.
This will not be the buyer’s first foray into the National Football League (NFL); Reuters noted that he already owns a minority share of the Pittsburgh Steelers.
It is not unheard of for NFL teams to relocate, but a spokesman for the league, speaking to Reuters in February, cited the importance of successful franchises remaining in their current markets; speculation has been rife as to whether Tepper will build a new stadium for the team.
Carolina Panthers has competed professionally since the 1995 season, having been set up a few years earlier by Richardson, who himself played for the Baltimore Colts before moving into business.
The team has reached the Super Bowl on two occasions, most recently in 2015, but has yet to win the coveted title, competed for by the winners of the National Football Conference and the American Football Conference divisions each year.
According to Zephyr, the M&A database published by Bureau van Dijk, the most valuable deal targeting a sports team or club to have been announced since the start of 2018 featured a UK business as Stewart Donald agreed to pay USD 203.00 million for Sunderland Association Football Club.
That deal came following a second consecutive relegation for the team, which has slipped from the Premier League to League One within two years.
© Zephus Ltd