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Panthers hire two firms to lead the sale of the franchise

Super Bowl 50 - Carolina Panthers v Denver Broncos

SANTA CLARA, CA - FEBRUARY 07: Cam Newton #1 of the Carolina Panthers adjusts his helmet during Super Bowl 50 against the Denver Broncos at Levi’s Stadium on February 7, 2016 in Santa Clara, California. (Photo by Kevin C. Cox/Getty Images)

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Panthers owner Jerry Richardson has said that he’ll commence the process of selling the team as soon as the team’s season ends. Given that the season may end in only five days, Richardson has prepared for the sale by hiring a pair of firms to lead the effort.

The team announced on Tuesday that Steve Greenberg of Allen & Company LLC will handle the project as to financial matters, and that Joe Leccese of Proskauer Rose LLP and Billy Moore of Moore & Van Allen PLLC will be responsible for legal issues.

As PFT reported in the days after the decision was announced, the full equity of the team will be sold, even though Richardson personally owns only 48 percent of it.

The new ownership group may have up to 24 members. The controlling owner must hold at least 30 percent of the team, and also must have the liquidity to finance team operations -- especially in the offseason when the cash isn’t flowing like it does from September through December.