Some behind-the-scenes house-keeping for you Steelers Nation during this rookie minicamp weekend. CBS’ Jason La Canfora reported Friday morning that Pittsburgh Steelers’ minority owner David Tepper is closing in on buying the Carolina Panthers. From La Canfora.
“According to numerous league sources, the new owner, pending ownership approval, could be announced as soon as early next week. At this point I’d be shocked if Steelers minority owner David Tepper is not the winning bidder.”
Tepper, a hedge fund manager, bought a small stake in the team in 2009 when the Steelers restructured the organization and wound up adding ten new minority owners, Tepper being one of them. A Pittsburgh native, Forbes said he was the 4th wealthiest hedge fund manager in 2016 and estimates his net worth at around $11 billion. Tepper has given back to the city, specifically Carnegie Mellon, making donations of a combined $125 million over the years. That included a $67 million gift in 2013. He earned his business degree there as a grad student after attending the University of Pittsburgh.
The Panthers search for a new owner began after Jerry Richardson announced he would sell the team following sexual harassment allegations.
Should Tepper become the new owner of the team, and all signs appear to indicate that, he’ll obviously have to give up his share in the Steelers. The Panthers are currently valued at around $2.3 billion.
Pittsburgh has been owned and run by the Rooney family since its inception in 1933, one of only three teams in the NFL who have been family-run for their entire existence. The others are the New York Giants’ Mara family, of which the Steelers are very close to, and the Arizona Cardinals’ Bidwell family.