Interestingly, Tepper looks set to spend *only* $2.2 billion, a number which is actually on the small side for a team in the wealthiest sports league in North America. The deal would have to be approved at the owner's meetings in Atlanta on May 22.
The Panthers have been for sale since December when Owner Jerry Richardson was accused of sexual misconduct and agreed to put up the team for sale. He is also a graduate of the University of Pittsburgh.
Reports emerged last week with Tepper, a minority owner of the Pittsburgh Steelers, was the front-runner and the favorite amongst current National Football League owners.
Another bidder, Ben Navarro, who owns a financial investment group, was unable to raise the estimated $2.6 billion he was said to have offered.
Tepper, who is the founder of a global hedge fund called Appaloosa Management, is worth $11 billion, according to Forbes.
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Carnegie Mellon's business school bears Tepper's name, thanks to a $55 million gift from the billionaire in 2004.
The 60-year-old would have to sell his five-percent stake in the Steelers before completing the purchase of the Carolina Panthers.
Tepper has always been involved in charitable organizations in the different areas where he has planted roots, including Pittsburgh, New Jersey and Miami.
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