Breaking News out of @FBI headquarters in Washington DC: Names have leaked off the official Epstein client list. Notably on that list, Carolina Panthers owner, David Tepper. Internal discussions have begun within the circle of NFL owners on how to remove Tepper as owner.
The acquisition of the Carolina Panthers by David Tepper in 2018 was met with enthusiasm from most fans. Tepper’s NFL-record purchase of the franchise for $2.3 billion, coupled with his substantial net worth of $12 billion (now $20B), instantly crowned him the league’s wealthiest owner. His subsequent investment of $325 million to bring the MLS expansion team Charlotte FC to the city further fueled excitement among sports enthusiasts in the rapidly growing 15th-ranked city in the country.
Tepper’s arrival marked a new era, particularly as he took over from Jerry Richardson, who faced allegations of sexual harassment and racism, resulting in a $2.75 million fine. Tepper wasted no time making waves in the NFL, engaging in a bidding war with the New York Giants for the highly sought-after coach Matt Rhule. The hedge fund billionaire secured Rhule with a fully guaranteed, 7-year, $62 million deal, raising eyebrows across the league. While Rhule had not coached an NFL game before, Tepper’s willingness to invest significantly demonstrated his commitment to winning.
However, less than six years later, the anticipated success has yet to materialize. Under Tepper’s ownership, the Carolina Panthers have cycled through six head coaches, holding a dismal 1-10 record this season—the worst in the NFL. Adding to the challenges, they won’t even secure the #1 overall pick in the draft due to a trade with the Bears last year.
From a sports perspective, it has been a straightforward disaster. Nevertheless, financially, Tepper remains unscathed. David Tepper, a titan in the hedge fund industry, began his career at Goldman Sachs before founding his own hedge fund, Appaloosa Management, in 1992. Renowned for its exceptional performance, the fund has averaged an annual return of over 25% for the past three decades.
Tepper’s expertise lies in distressed debt, exemplified by his lucrative bet on the government’s intervention during the 2007-09 recession, earning billions for Appaloosa’s fund. Remarkably, Tepper is presently transitioning Appaloosa Management from a hedge fund to a family office, returning investor money, with the majority of the remaining $15 billion in assets under management being his personal family funds. Despite the challenges in sports ownership, Tepper’s financial success underscores his resilience and adaptability in navigating diverse sectors.
