(Bloomberg) -- Hedge fund titan David Tepper agreed to pay $2.3 billion for the Carolina Panthers, a record price for a National Football League franchise, according to people familiar with the deal.
Tepper, who has a net worth of about $10 billion, signed the all-cash transaction Tuesday, said the people, who asked not to be identified because the matter is private. The price eclipses the $1.4 billion Terry Pegula paid for the Buffalo Bills in 2014. Tilman Fertitta paid $2.2 billion for the NBA’s Houston Rockets and Alibaba Group’s Joe Tsai bought 49 percent of the Brooklyn Nets at a valuation of $2.3 billion.
Jonathan Gasthalter, a Tepper spokesman, didn’t immediately return a message seeking comment.
Sherman Financial Group LLC founder Ben Navarro and Alan Kestenbaum, a billionaire who made his fortune turning around metals and mining companies, also made bids for the team.
Tepper is a minority owner of the NFL’s Pittsburgh Steelers. League rules mandate that he sell his stake.
The team’s owner, Jerry Richardson, put the franchise up for sale amid allegations of sexual and racial harassment.
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