Steelers minority owner David Tepper finalizing deal to purchase Panthers

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Tepper, a hedge fund manager who now owns 5 percent of the Pittsburgh Steelers, is worth about $11 billion according to Forbes, and would pay for the deal in cash, according to a source.

The Carolina Panthers were put up for sale last season, following sexual harassment and racial misconduct allegations against owner Jerry Richardson.

According to the report, Tepper is expected to keep the team in Carolina.

At this point, all Tepper needs to do is selling his minority share in the Steelers and pass a vote by ownership to be allowed to finish the purchase.

"Most likely, a new owner would need much more than $300 million because it would not be easy to find enough minority investors willing to fund the remainder of the purchase given those investors would have no say in how the Panthers are run".

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Asked what damage that will do to last season's title winners he replied: "I think I'm the last person to speak about this". This is my first season that I didn't win the title.

The next step for the billionaire investor is to sell his minority stake in the Steelers and get approved by National Football League owners.

In order for the sale to become official, three-fourths of National Football League team owners (24) must approve the team's purchase.

ESPN also confirms Tepper, who is worth $11 billion according to Forbes magazine, is committed to keeping the team in Carolina.

Tepper attended Peabody High School and is a graduate Carnegie Mellon University, where the business school is named after him.