Wednesday 16 May 2018 14:27, UK
Carolina Panthers have announced they have signed a definitive agreement to sell the team to David Tepper.
The deal, which was announced on their club website, will be subject to NFL approval but the Panthers expect it to be completed in July.
Tepper is the founder and president of global hedge fund Appaloosa Management, L.P and also has a minority stake in another AFC side, Pittsburgh Steelers.
In the announcement he said: "I am thrilled to have been selected to be the next owner of the Carolina Panthers. I have learned a great deal about the community and the team over the past several months and look forward to becoming part of the Carolinas."
Founder Jerry Richardson revealed in December he would be selling the franchise after being placed under investigation by the NFL following allegations of misconduct.
He said in the statement: "I look forward to turning the stewardship of the Panthers over to David Tepper.
"I have enjoyed getting to know him in this process and am confident that he will provide the organisation with great leadership in both its football and community initiatives.
"I wish David and his family the very best as they enter this exciting new phase of their lives."
