CHARLOTTE, N.C. — Carolina Panthers owner David Tepper is expected to convert his hedge fund investment firm into a family office, according to a report from CNBC.
Tepper founded Appaloosa Management in 1993 and has turned it into a financial success for his clients. CNBC reports that sources told The Wall Street Journal that Tepper wants to concentrate on managing the Panthers, which he purchased from Jerry Richardson in 2018 for $2.2 billion.
Tepper has a net worth of $11 billion, according to Forbes. Earlier this month, South Carolina lawmakers approved a bill that will give the team $115 million in tax breaks to relocate its headquarters and practice facility to Rock Hill.
Rock Hill Mayor John Gettys hopes to break ground on the project by the end of the year. Construction would likely continue for months to build the state of the art facility that will include a sports medicine center and two practice fields.
"Next, what we'll see is the Panthers organization, the city, and other entities will sit down and will see the actual plans and work on how to make those come to a reality as quickly, efficiently, and reasonably priced as possible," he added.
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