The Carolina Panthers have a new owner, and he’s a hedge fund billionaire.
David Tepper, founder of the hedge fund Appaloosa Management, purchased the team—all in cash—for $2.2 billion in a deal The Charlotte Observer reports is the largest in NFL history, nearly doubling the 2014 sale of the Buffalo Bills.
The agreement must still be approved by NFL owners, who will meet next week in Atlanta and will likely authorize the transaction. The deal will end a near-six-month search for a Panthers buyer, as the sports organization took over a workplace misconduct investigation against founding owner Jerry Richardson. Following the investigation, which is being led by former SEC Chair Mary Jo White, Richardson decided to sell the team.
Although new owners tend to make changes to the team’s administration, the NFL reports that Tepper has not announced any. The Panthers will remain in Charlotte, as will General Manager Marty Hurney and Head Coach Ron Rivera.
Tepper has a net worth of $11 billion and is also a minority owner in the Pittsburgh Steelers. He rose to fame after the 2008 financial crisis by “betting the government wouldn’t let the big banks fail,” according to a 2010 article from New York Magazine.
Time reports Appaloosa’s net assets at around $17 billion.