It looks like Alan Kestenbaum will not buy the Carolina Panthers football team after all. David Tepper, head of Appaloosa Management and worth about $11-billion has been awarded the franchise for a record $2.2-billion all cash deal. The Miami-based Tepper is currently a minority shareholder in the Pittsburgh Steelers football team. It is thought that Kestenbaum’s bid was higher but he would have to seek league approval which would slow the process.
There are rumors that Kestenbaum will buy a minority share of the Panthers which will make it easier for him to buy the next football team that comes up for sale.