Panthers owner David Tepper’s got plenty of projects on his mind, but he’s apparently narrowing his focus to football.
According to Thomas Franck of CNBC.com, Tepper is returning the capital to outside investors in his Appaloosa Management hedge fund. In layman’s terms, he’s getting out of the investing-other-people’s-money business, which will leave him time to concentrate on his own.
Tepper founded Appaloosa Management in 1993, and built incredible wealth. His net worth is estimated at $11.6 billion, making him the richest single owner in the NFL.
Tepper bought the Panthers a year ago, paying $2.2 billion cash, because that’s the kind of thing rich people do.
He’s set up shop in Charlotte, recently buying a home there and working out a deal for tax breaks for a new practice facility in South Carolina. They’ll eventually renovate Bank of America Stadium in downtown Charlotte, and he’s trying to get an MLS team there. They’re also building a practice bubble behind the stadium as a temporary measure, but he’s looking to develop that area in the future.
The move should also free Tepper up to play a bigger role in league matters. In NFL circles, his deal-making ability pushed him to the top of the pile to buy the Panthers (despite submitting the low bid among the finalists), and they clearly want him at the table as they negotiate future CBAs, broadcast deals, and explore emerging revenue opportunities like legalized gambling.
