The Carolina Panthers are off the marketplace.

The Panthers revealed Wednesday they’ve signed a “conclusive arrangement” to sell the team to David Tepper, the creator and president of global hedge fund Appaloosa Management.

The offer is subject to NFL approval.

Tepper is paying an NFL-record $2.2 billion US to purchase the group, according to 2 people familiar with the scenario. The people spoke with The Associated Press on Tuesday on condition of anonymity because the group didn’t launch the selling price of the franchise.

The news release didn’t mention if Tepper plans to move the group or keep it in Charlotte, N.C.

League owners will satisfy next week in Atlanta, where they are expected to vote on the purchase. Given that Tepper has actually currently been vetted by the league as a minority owner of the Pittsburgh Steelers, the approval process is not anticipated to run into any snags.

The deal is anticipated to close in July, the team revealed.

Tepper’s net worth tops $11B United States

Tepper, who has actually been a minority owner of the Steelers considering that 2009, stated in a release Wednesday that he’s thrilled to become the next owner of the Panthers.

” I have actually learned a great deal about the community and the team over the previous a number of months and eagerly anticipate entering into the Carolinas,” said Tepper, who was born and raised in Pittsburgh. “I wish to thank Jerry Richardson and the other Panthers partners for all they have actually done to establish and develop the NFL in the Carolinas. It has actually been an impressive 25-year journey and I promise to build on the Panthers’ success on the field and in the community.”

Tepper has a net worth of more than $11 billion, inning accordance with Forbes.

Jerry Richardson, the group’s founder and just owner, abruptly revealed he was selling the team last December after coming under examination from the league for sexual and racial misbehavior in the workplace.

That investigation is continuous.

Richardson, who seldom comments to the media, said in the release that bringing the expansion Panthers and the NFL to the Carolinas in 1993 was tremendously satisfying for him and his partner Rosalind and all of the team’s partners.

Richardson ‘grateful’ for assistance

” We are deeply grateful for the profusion of support over the last 25 years,” Richardson said. “You have taken the Panthers into your hearts and made them part of this warm and helpful community. We want to thank all of our past and present players, coaches and staff for their hard work in making the Panthers an excellent success both on the field and in the neighborhood. The personal relationships we have delighted in have been extremely meaningful to us.”

Richardson has had a strong relationship with the Rooney household in Pittsburgh through the years and is familiar with Tepper.

” I look forward to turning the stewardship of the Panthers over to David Tepper,” Richardson said. “I have enjoyed learning more about him in this process and am positive that he will supply the company with terrific management in both its football and community efforts. I wish David and his household the absolute best as they enter this amazing brand-new phase of their lives.”

Tepper will have full ownership of the team. He’ll have to sell his ownership stake in the Steelers when he becomes the Panthers owner.

Richardson had actually owned 48 per cent of the franchise and the Panthers had a number of minority owners under the previous routine.