David Tepper To Buy Carolina Panthers

Carolina Panther Ian Thomas runs a drill against Sterling Bailey during the team's rookie camp in Charlotte N.C. on Friday. Sources say the team has been sold to hedge fund manager David Tepper

Recently, when the owners of the Pittsburgh Steelers indicated they were willing to sell a stake in the team, he seized the opportunity with childlike enthusiasm.

Tepper already owns a minority stake in the Pittsburgh Steelers, which he will sell as part of the next steps for the deal to be completed, according to the NFL Network. The sale to Tepper should be voted on - and likely approved - at those meetings.

Tepper is the founder and president of Appaloosa Management, which is a global hedge fund company based in Florida. Under NFL rules, Tepper must put up 30 percent (minimum) of the selling price up front, and there could be some minority owners entering the picture. That is expected to take place at next week's National Football League meetings in Atlanta.

The Carolina Panthers are off the market. Richardson was a former Baltimore Colts wide receiver.

On the evening of December 17, Richardson announced in a public letter that he would sell the team after the season. Michael Rubin, Fanatics owner; Alan Kestenbaum, chairman of Bedrock Industries LP; and Joseph Tsai, Brooklyn Nets majority owner, were also reported to be interested in becoming primary owners of the franchise.

More news: United States China-ZTE story

Tepper visited Charlotte in early April to take a tour of Bank of America Stadium.

Richardson is believed to have favored Tepper over other bidders, some of whom may have been willing to pay a higher price, because he plans to keep the team in North Carolina, those people familiar with the negotiations said.

In fact, the finalization of the sale of the Carolina Panthers should not be an issue.

Jonathan Gasthalter, a Tepper spokesman, didn't immediately return a message seeking comment.

On the eve of the election in 2016, he delivered a scathing condemnation of Trump in an interview with CNBC, citing questions about Trump's lack of a strong philanthropic background. When Hurricane Sandy devastated the New Jersey coast in 2012, Tepper gave out 12,000 $100 gift cards to people in need in 20 different communities. He would spend time with Goldman Sachs before setting out on his own. In April Tepper told a student at his alma mater, Carnegie Mellon University: "whether I like the person or not I'm not going to get into that although I did call him a demented, narcissistic scumbag".

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