Tepper is also a part-owner of his hometown team, the Pittsburgh Steelers, so he has already been vetted by the National Football League, according to the Observer. He went to college and business school there, then briefly moved across the OH border to do some accounting for a steel company. According to Forbes, Tepper is worth $11 billion and the Panthers are worth $2.3 billion.
The search for the team's new owner has taken more than five months.
The Panthers went up for sale after SI reported on December 17 that owner Jerry Richardson and the team made multiple confidential payouts for workplace misconduct, including sexual harassment and use of a racial slur with a team scout.More news: Plumes of ocean spray are emanating from Jupiter's moon Europa
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Tepper prevailed among a group of bidders that also included Charleston financial services CEO Ben Navarro, steel company CEO Alan Kestenbaum and e-commerce entrepreneur Michael Rubin.
According to WIS, Tepper is the founder and president of Appaloosa Management, which is a global hedge fund based in Miami Beach, Florida.
The 60-year-old Tepper was born in Pittsburgh, attended the University of Pittsburgh and earned an MBA from Carnegie Mellon in 1982 - the business school now dons his name. "They remind me of my original hometown, Pittsburgh", Tepper told the Observer in April.