Report: Billionaire hedge fund manager is leading candidate to buy Panthers

Billionaire hedge fund manager, investor, and philanthropist David Tepper has emerged as a strong contender to purchase the NFL's Carolina Panthers, a team executive informed Mike Garafolo of NFL Network.

Former owner Jerry Richardson announced he would put the team up for sale after the conclusion of the 2017 season in December. That followed a Sports Illustrated report suggesting he'd made multiple confidential payouts to former employees who said Richardson sexually harassed them or made racist comments.

Tepper is believed to be the "leader in the clubhouse" among candidates to purchase the team, another source told Garafolo. He founded a hedge fund firm based in Miami Beach and his net worth is estimated at $11 billion. He currently owns a 5 percent stake in the Pittsburgh Steelers.

The last NFL franchise to be sold was the Buffalo Bills, which Terry and Kim Pegula purchased for more than $1 billion in 2014.