The new year began for Carolina Panthers owner David Tepper with $300,000 less in his considerably large wallet, and money will likely continue to flow out of Charlotte in what he hopes will be a change in fortune for his NFL franchise.
Tepper, whose net worth Forbes estimates to be $20.6 billion, received the largest fine levied against an NFL owner in more than a year when the NFL handed down its penalty for what it described as “unacceptable” behavior following Tepper. throw a drink to Jaguars fans during Sunday’s blowout loss at Jacksonville.
The fine was accompanied by a Tepper’s statement that did not include an apologyand he also avoided any match suspension from the league.
The fine itself was a drop in the ocean for someone of his mega-wealth, one of the richest owners in the NFL and all of North American professional sports. But it shows just how much money the Panthers owner has spent recently after the league warned its owners of unnecessary spending.
“His actions show he doesn’t care about money,” said a source familiar with Tepper’s thinking.
Tepper fired former head coach Matt Rhule in 2022, less than three years into his seven-year contract. But Rhule had specific compensation clauses in the contract, and he and Tepper are still in conflict over about $5 million. A source told CBS Sports that the case is still in arbitration and is expected to be heard in 2024.
Tepper fired head coach Frank Reich 11 games into a four-year contract this season. Reich, 62, has been a two-time NFL head coach and it’s likely he won’t coach again, meaning his contract balance would likely be eight figures.
The Panthers hired one of the largest and most highly regarded coaching staffs in the league less than a year ago. Depending on the fate of the remaining staff, Tepper may have to pay the remaining contracts of several respected and well-paid assistants.
Tepper is set to embark on a head coaching search for the third time in six years with the Panthers, with its objectives are set on Lions offensive coordinator Ben Johnson. CBS Sports can confirm that Tepper has hired a search firm to help him with the process. General manager Scott Fitterer’s future is also unclear in Carolina. If Tepper fires Fitterer, he will potentially have to pay the balance of that contract over time as well as a deal for the new general manager.
“He’s good for business,” said a coaching agent. “Obviously money means nothing to him.”
Having some of the deepest pockets in the league is an objective advantage. In a league with incredible parity and a strict salary cap, a team with better financial resources can be beneficial in attracting employees on and off the field.
And the hedge fund billionaire has plenty of resources. Bloomberg reported this week that Tepper’s $17 billion hedge fund netted him nearly $2 billion in tech stocks.
But his deep pockets could also make him vulnerable. CBS Sports previously reported that the Panthers’ job could be seen as “leverage work” for coaches to receive higher salaries elsewhere.
The NFL informed teams at a 2022 league meeting that owners had spent $800 million over the previous five years on fired coaches and staff. It was a way to remind owners to be patient and not waste millions.
This figure is the same as that estimated for the Panthers’ future team headquarters in Rock Hill, South Carolina. That $800 million project was ultimately stalled in 2022, and Tepper’s company reportedly spent more than $175 million before its 2023 demolition.
