Tepper would need to sell his five percent share of the Steelers before buying the Panthers, following in the heels of Jimmy Haslam, who bought the Cleveland Browns after being a Steelers owner. He went to college and business school there, then briefly moved across the OH border to do some accounting for a steel company.
There were reports that other bids were in the $2.5 billion range, while Tepper's was in the $2.1 billion to $2.2 billion range.
If an agreement is set, the owners can make the sale official with a vote at next weeks owners meeting in Atlanta, GA.
As Ozanian notes, this is not unique to the National Football League, as the new Houston Rockets owner had to leverage parts of his business to pay the $2.2 billion sum for the team.
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Tepper, who is the founder of Appaloosa Management, is worth an estimated $11 billion.
The Panthers were put up for sale previous year after sexual harassment allegations were raised against former owner Jerry Richardson.
Carnegie Mellon's business school bears Tepper's name, thanks to a $55 million gift from the billionaire in 2004. His investment is now worth $122.5 million, based on the current valuation of the Steelers ($2.45 billion, per Forbes).
Tepper, who visited Charlotte in early April, has said he likes the city.