Sports

Diddy Unsuccessful In Bid For Carolina Panthers

Diddy Unsuccessful In Bid For Carolina Panthers

► $1.2 billion - Miami Marlins (2017): Yankees legend Derek Jeter and a group led by NY businessman Bruce Sherman purchased the Marlins from then-owner Jeffrey Loria.

Barring a shocking turn of events, that will finally come to fruition on Tuesday with the sale being made official.

The sale comes just before the league's owners meet next week in Atlanta. According to Forbes, he is worth an estimated $11 billion - making him the wealthiest of the bidders. The NFL long had opposed the spread of legal sports betting, but the ruling could create new revenue streams for teams and owners.

"If he's good enough for Art Rooney, he's good enough for me", one owner said, referring to the owner of the Steelers. While other candidates would have needed to go through a more rigorous vetting process of their financials and their backgrounds, Tepper is a known quantity as a current minority owner of the Pittsburgh Steelers. Now, with the purchase of the Carolina Panthers, Mr. Tepper will have to sell that stake. He is not an National Football League ownership without experience. But he's a smart businessman and doesn't appear interested in being an owner like Dallas' Jerry Jones, who has a say in all personnel decisions.

Richardson, the Panthers' founder and owner, said he would sell the team in December, shortly after an article in Sports Illustrated linked him to allegations of sexual harassment. The owners are scheduled to meet next Tuesday and Wednesday in Atlanta and could vote then to ratify the deal, which would complete the process put in motion a year ago after Richardson was accused of workplace misconduct. Richardson is expected to get $3-3.5 billion for the team, but will still make an insane return.

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Sources told ESPN that Rubin and Tsai bowed out when they were told that they shouldn't participate if they weren't prepared to pay "substantially more than $2.5 billion" - $300 million more than the ultimate sale price. Also, NFL commissioner Roger Goodell has said the league wants the team to stay in the Queen City.

Tepper isn't coming to Charlotte as some sort of calling, which so many sports, business and religious leaders have boasted throughout Charlotte's history. There was one bidder who wanted to secure a new stadium in SC.

The Charlotte Observer first reported the Panthers' sale price.

It is unclear at this time whether Tepper will be the sole owner or have minority owners.