The Carolina Panthers have entered into an agreement to sell the team to hedge-fund manager David Tepper. The sale price is $2.275 billion, $2 billion of which will be paid upfront in cash; and it smashes the record $1.4 billion the Pegula family paid for the Buffalo Bills in 2014. Back in December, Jerry Richardson, who owns a 48% interest in the team, announced his intention to sell following a Sports Illustrated exposé on workplace misconduct. The investigation is ongoing. Among other suitors, Michael Rubin, founder of the online retailer Fanatics, made an early offer of $2.5 billion, but it was rejected as Richardson was still holding firm to a $3 billion sale price. Investor Ben Navarro had offered $2.6 billion, but he couldn’t cobble together a team of investors. Tepper already owns a 5% stake in the Pittsburgh Steelers, so his finances were already vetted by the NFL. He is the founder and president of Appaloosa Management, which made a fortune betting Bank of America and Citigroup would turn around after the recession. His net worth was estimated at $11.4 billion by Forbes last year.