Tuesday 10 July 2018 08:06, UK
David Tepper has completed his purchase of the NFL Carolina Panthers for $2.2billion (£1.7billion), the most amount paid for a North American sports franchise.
Tepper is the founder of hedge fund Appaloosa Management LP and has a net worth estimated by Forbes at $11billion.
The Panthers went 11-5 last season but lost to New Orleans in the first round of the NFL playoffs.
"Winning is the most important thing both on the field and in the community and I am committed to winning a Super Bowl championship together," Tepper said in a statement.
The Panthers also announced the resignation of Tina Becker as the team's chief operating officer now that the transition is complete, after former owner Jerry Richardson sold the team.
Becker was promoted to the job in December after Richardson announced he was selling the team in the wake of an NFL-led investigation into allegations of workplace misconduct against him.
Richardson was fined $2.8m (£2.1m) on June 28 for workplace misconduct.
"I am thrilled to begin this new era of Carolina Panthers football and am humbled by the overwhelming excitement and support for the team," Tepper added.
"On behalf of the fans and myself, I thank Jerry Richardson for bringing the team to the Carolinas and for entrusting me with its future."
The Panthers will open the 2018 season on September 9 by hosting the Dallas Cowboys.
