Carolina Panthers owner David Tepper scales back hedge fund to focus on team

Carolina Panthers owner David Tepper plans to return money to his hedge fund Appaloosa’s outside investors in order to focus on running the NFL franchise, according to multiple reports on Thursday.

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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.

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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.