Sources: Panthers' Tepper Decides To Buy Out Remaining Partners

Incoming NFL Panthers Owner David Tepper has made the choice to buy out all existing team limited partners and own the club outright, sources said. Outgoing Owner Jerry Richardson owns 48% of the club. Tepper held the right to buy out all of the partners at his first option, and his intention to buy the whole club and not keep the current LPs has not been made public. Representatives for Tepper, his legal counsel and investment banker declined to comment. Tepper’s purchase values the Panthers at $2.275B, so the decision to buy out the other 52% is obviously a pricey one. The deal is expected to close next month or by early August. The limited partners listed in the Panthers media guide are Richardson’s wife Rosalind; his children Mark and Ashley; M.C. Belk Pilon; Katie Belk Morris; H.C. Bissell; Erskine Bowles; Derick Close; Elliott Close; Cameron Harris; John Harris; Leon Levine; Jerry Wordsworth; and Steve Wordsworth. All are listed as living in Charlotte, other than the Wordsworths who, according to the guide, live in Rocky Mount, N.C.