According to a report by Juliet Chung at the Wall Street Journal, Panthers owner David Tepper is taking a step back from his hedge fund Appaloosa Management and plans to return investors’ money. The idea is to use the business as a family office so he can spend more time focusing on his team.
“Famed hedge-fund manager David Tepper plans to turn Appaloosa LP into a family office managing his personal wealth as he spends more time focused on running the Carolina Panthers, his professional football team, said people familiar with the matter.”
Tepper’s company was founded in 1993. His bid to buy the Panthers was approved a little over a year ago and he took over the team in July.
