Who is David Tepper? Things to know about the future owner of the Carolina Panthers
It’s only a matter of days or weeks until Jerry Richardson officially sells the Carolina Panthers for approximately $2.2 billion, this week.
“NFL owners at the May 22-23 league meetings.” with Panthers general manager Marty Hurney and coach Ron Rivera, David Tepper is the man set to own the team pending approval by the other 31
But who, exactly, is Tepper? What has he done before shelling out more than $2 billion — in cash, apparently — to take over Richardson’s franchise?
Here are a couple of big things to know:
He’s got a ton of money
That’s a prerequisite for buying an NFL team, of course, but Tepper’s reported purchase is almost an entire $1 billion more than what Tim and Kerry Pegula in 2014. He studied economics at the University of Pittsburgh, then earned his master’s degree in industrial administration from Carnegie Mellon before a career in finance — a journey that included recruitment from Goldman Sachs and repeat appearances on Forbes’ list of highest-earning hedge fund managers (he is the founder of Appaloosa Management, one of the world’s most preeminent hedge funds). As of 2017, he had a Forbes-estimated net worth of $11.4 billion, and he was named by Bloomberg the wealthiest person in New Jersey.
Wondering if you can legally bet on sports yet? Need to know who’s buying the Panthers? Or just want to figure out what the deal with the Lamar Jackson/Joe Flacco beef is? The Pick Six Podcast with Will Brinson has you covered — it’s your daily dose of football, in your podcast app inbox by 6 a.m. to get you right for that commute or gym trip. Subscribe: via iTunes | via Stitcher | via TuneIn | via Google Play
He’s got a ton of confidence
Money does that sometimes, but Tepper’s track record proves it in his case. As The Wall Street Journal once reported, he orchestrated something like $7 billion of hedge-fund earnings in 2009 by investing in distressed stocks and banking on their recoveries. And he’s been known to keep a pair of brass balls on his desk. Literally.
He’s from the East Coast
Tepper doesn’t have any overt connections to the Carolinas, where he’ll be reigning supreme as the new chief of the Panthers, but he’s got a handful of ties to the East Coast. He was born in Pittsburgh, lived in New Jersey for more than 20 years and has since taken up residence in Miami Beach, Florida, where he doesn’t have to worry about personal income tax.
He’s got some NFL ownership experience
Now 60 years old, Tepper has never owned an NFL team by himself, but he’s been invested in his hometown Pittsburgh Steelers since 2009, when he purchased a five-percent stake in the franchise. , that means “he has already been vetted by the league in terms of qualifying as an owner … although Tepper will (still) have to divest himself of his Steelers ownership, much the same way that Jimmy Haslam did when he purchased the Browns.”