CHARLOTTE, N.C. (AP) — The Carolina Panthers are being sold for an NFL-record $2.2 billion.

Hedge fund manager David Tepper has agreed to buy the Panthers from team founder Jerry Richardson, people familiar with the situation said on Tuesday. The people spoke to The Associated Press on condition of anonymity because the team has not yet announced the sale.

The purchase is subject to a vote at the NFL owners meeting next week in Atlanta.

The price tag is the most ever paid for an NFL franchise, eclipsing the $1.4 billion the Pegula family paid to purchase the Buffalo Bills in 2014.

Born and raised in Pittsburgh, Tepper, 60, is a part owner of the Steelers and founder and president of Appaloosa Management, a global hedge fund based in Miami.

Because he holds a five percent 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. However, Tepper would have to sell his minority ownership stake of the Steelers, per league rules.

Forbes listed Tepper's net worth at $11.4 billion in February of 2017. He donated $55 million to Carnegie Mellon University's business school in 2013.

Copyright 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


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