Report: Panthers to be sold to hedge fund manager for record $2.2B
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The Carolina Panthers are expected to be sold to hedge fund manager David Tepper on Tuesday for a record $2.2 billion - in cash, the Charlotte Observer's Katherine Peralta, Rick Rothacker, Jourdan Rodrigue, and Joseph Person report.

Tepper, a minority owner of the Pittsburgh Steelers, emerged as the leading candidate last week. He would have to sell his minority stake in the Steelers and the deal would still require approval from the league's owners at the next NFL meeting from May 21 to 23.

The Buffalo Bills were the last NFL franchise to be sold, netting $1.4 billion in 2014. The NBA's Houston Rockets fetched $2.2 billion in 2017.

Tepper is already envisioning the Panthers in the image of the Steelers. As an owner, he'd like his new franchise to incorporate the continuity, stability, and approach to contract extensions that the Steelers have, ESPN's Adam Schefter reports.

The Steelers are a model of consistency: They've reached the playoffs 30 times in the last 46 years and have had just three coaches in the past half-century.

As for player contracts, the three offensive stars of the team - Ben Roethlisberger, Antonio Brown, and Le'Veon Bell - were inked to below-market deals.

Roethlisberger signed an extension in 2015 and is currently the 11th-best-paid quarterback in the league based on contract values. Brown is considered one of the best receivers in the game and ranks sixth at his position in contracts. Bell has been fighting for an extension for two offseasons and is currently tabbed to play a second consecutive campaign on the team's franchise tag.

Tepper's estimated net worth is $11 billion. He emerged as the favorite to be the next owner of the franchise over a group of bidders that included financial group founder Ben Navarro, steel company CEO Alan Kestenbaum, and entrepreneur Michael Rubin.

The Panthers were put up for sale by founder and owner Jerry Richardson after he faced reports of workplace misconduct in December.

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Report: Panthers to be sold to hedge fund manager for record $2.2B
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