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Tepper, 61, will convert his hedge fund into a “family office,” meaning that it will only manage his own investments. Tepper’s money accounts for more than 70 percent of the $13 billion hedge fund’s holdings, the Wall Street Journal reported.
Appaloosa has yet to finalize a timetable for when money will be returned to investors. Funds could be dispersed by the end of this year or over a period of several years.
Tepper acquired the Panthers from former owner Jerry Richardson last year for a record $2.2 billion. The hedge fund magnate plans to focus his time on boosting the franchise’s revenue opportunities.
Tepper previously held a minority stake in the Pittsburgh Steelers, but he was required to sell under league rules after purchasing the Panthers. He is expected to net more than $122 million from the sale, which the NFL approved on Thursday, according to the Charlotte Observer.
South Carolina Gov. Henry McMaster is expected to approve a measure that would give Tepper’s Panthers $115 million in tax incentives toward an expanded team headquarters in the state, including a practice facility. The bill has drawn some criticism from local leaders who questioned why a billionaire should receive tax breaks.