Jerry

Richardson

No cause was immediately announced. Richardson was Carolina’s initial owner and left the game with a troubling legacy as he was fined $2.75 million for his workplace conduct. David Tepper bought the Panthers from Richardson in 2018.

The Charlotte Observer’s Joseph Person first floated the idea on Twitter, and Rapoport weighed in saying it’s “definitely a consideration.” If true, it’s a ludicrous consideration. Hurney left the Panthers in salary cap hell, tying one hand behind Gettleman’s back. Hurney’s October 2012 firing was richly deserved. (Jonathan Stewart and DeAngelo Williams disagree.) Owner Jerry Richardson would be taking a time machine back to an era of football he needs to forget.

One of the richest men in the country, Tepper is currently a minority owner in the Steelers. He is the founder and president of Appaloosa Management, a “global hedge fund firm based in Miami Beach.” Regardless of whether or not it’s Tepper, someone extremely rich is going to buy the Panthers.

The Observer reports “multiple deep-pocketed individuals are being mentioned as potential bidders.” Various outlets have reported multiple billionaires as expressing interest. $2 billion is a good baseline for any NFL team. $2.3-$2.8B would be an extremely good number for Jerry Richardson and his minority owners, as well as a vote of confidence in the league’s long-term health.

The NFL substantiated the publicly-known complaints against Richardson while turning up previously unknown claims. Its investigation also concluded the improper conduct was limited to Richardson. Richardson was accused of both sexual harassment and making racist comments. Richardson sold the Panthers to hedge fund billionaire David Tepper in May.

Tepper, a Steelers minority owner since 2009, appears to have separated himself from other finalists including Alan Kestenbaum and Ben Navarro. There are still hurdles to clear but if talks progress, it’s possible the sale could be brought to a vote at the Spring League Meeting in Atlanta later this month. Per Rapoport, Tepper plans on keeping the team in Charlotte.

The Panthers won’t open the selling process until after the season, but there’s speculation Smith is an early frontrunner. Smith is Carolina-based and has the financial means ($1 billion net worth) to purchase a majority stake in the team. With Jerry Richardson owning 48 percent, it’s possible minority owners band together and buy out Richardson. The Panthers are valued at $2.3 billion.

The Panthers will be put on the block at the end of the season. In a five-paragraph statement announcing the move, Richardson made no mention of the allegations against him, which include wide-ranging sexual misconduct and the use of a racial slur against a former Panthers scout. Richardson, 81, has owned the Panthers since their founding, and is the only current owner to have actually played in the NFL. It’s unclear how voluntary Richardson’s decision is. It’s quite possible things would have unfolded similarly to the Donald Sterling Clippers fiasco in the NBA had Richardson not agreed to give up the team.

Per reporters L. Jon Wertheim and Viv Bernstein, Richardson has paid out “at least four significant settlements” in exchange for “what amounted to a vow of silence.” In addition to the sexual misconduct, Richardson is accused of "(directing) a racial slur at an African-American scout for the Panthers.” They are extremely serious charges. The NFL announced Sunday morning it was taking over the Panthers’ investigation of its owner.

Navarro is “actively exploring” a bid. Per his Bloomberg profile, Navarro is the “Founder and Chief Executive Officer of Sherman Financial Group, LLC.” He has previously worked for Citicorp and Goldman Sachs. It’s a typical NFL owner’s background.