The annual NFL Spring Meeting is currently taking place in Atlanta as owners for the league’s 32 franchises come together to address the state of the league.
One of the biggest items on the itinerary was a vote to approve David Tepper as the new Carolina Panthers owner, replacing disgraced co-founder Jerry Richardson.
Without much drama in the back end, Tepper was expected to be approved. And that’s exactly what happened on Tuesday.
New #Panthers owner David Tepper was approved as the team’s new owner. The deal will be official in July, but today’s vote solidified that’s he’s in.
— Ian Rapoport (@RapSheet) May 22, 2018
As NFL Media’s Ian Rapoport noted, the deal won’t be official until July. But league owners made the approval process official in Atlanta on Tuesday.
The founder and president of Appaloosa Management, a hedge fund company, Tepper is said to be worth nearly $12 billion. His purchase of the Panthers comes in at a record $2.2 billion.
He currently holds a five percent ownership stake in the Pittsburgh Steelers. Tepper will have to sell that off prior to the Panthers’ sale becoming official this summer.