Hedge fund manager David Tepper to buy Panthers for record $2.2 billion

Tepper, a hedge fund founder and now a minority owner of the Pittsburgh Steelers, is one of 109 billionaires who own the top 140 sports brands, according to a joint report released in October from money manager UBS and consultancy PricewaterhouseCoopers.

Richardson announced in December he was selling the team amid an National Football League investigation - still ongoing - into sexual and racial misconduct in the workplace following an explosive report by Sports Illustrated detailing the owner's alleged behaviour.

Tepper is founder and president of Appaloosa Management.

Forbes estimates that as of May 2018 Tepper is worth $11 billion, calling him "arguably the greatest hedge fund manager of his generation".

If his bid to buy Carolina is approved, Tepper will pay a record-setting $2.2 billion for the team. Because he holds a 5% stake in the Steelers, Tepper's finances have already been vetted by the league, meaning it wouldn't take much for NFL owners to approve the sale.

Judge refuses to dismiss ex-Trump aide Manafort's criminal case
Manafort's attorneys had argued the special counsel was taking too broad a view of its powers. Peter Carr, a spokesman for Mueller, declined to comment on the ruling.

The Panthers and Tepper did not immediately respond to requests for comment.

In March it was reported that Curry and Diddy had joined a group as minority investors with e-commerce billionaire Michael Rubin.

The Carolina Panthers are about to have a new owner.

Panthers founder Jerry Richardson had in December had announced his interest to sell the team. The Pittsburgh native bought into the Steelers in 2009, according to Fortune magazine. The price eclipses the $1.4 billion Terry Pegula paid for the Buffalo Bills in 2014.

Tepper's plans on whether the team will remain in Charlotte for the long-term future remain unclear.

Lewis Hamilton Wins Spain Grand Prix
Raikkonen reported some vehicle problems on Lap 25 and found himself limping back to the pits to retire from the race on Lap 27. Britain's Lewis Hamilton drove his Mercedes to victory in Sunday's Spanish Grand Prix for his second victory of the season.

A noted philanthropist, Tepper told CNBC's Squawk Box the day before the presidential election that Trump "masquerades as an angel of light, but he is the father of lies".

In appearance at Carnegie Mellon University, the former Livingston resident called Trump a "scumbag" and "demented".

"The economy's really good right now, despite different things", Tepper told a business school student at Carnegie Mellon University last month, according to Sports Illustrated.

The proposed Panthers sale highlights an upward trajectory for the value of professional teams in major sports. I hope everyone in this organization, both on and off the field, will be firmly focused on just one mission: "to play and win the Super Bowl".

Volcano toxic gas alert for Hawaii residents
This eruption could occur even the volcano continues to splatter and ooze lava out of its eastern flank into a residential area. Scientists say activity from the most recent lava fissure that opened up has paused but risky fumes continue to be released.

  • Ryan Wade