CHARLOTTE, N.C. -- The Carolina Panthers have announced that a "definitive agreement" has been signed to sell the team to hedge fund owner David Tepper.

Tepper is the founder and president of global hedge fund, Appaloosa Management, L.P. 

Since 2009, Tepper has been a minority owner of the Pittsburgh Steelers. 

“Bringing the Panthers and the NFL to the Carolinas in 1993 was enormously fulfilling for Rosalind and me and all of our partners,” founder Jerry Richardson, said. “We are deeply grateful for the outpouring of support over the last 25 years. You have taken the Panthers into your hearts and made them part of this warm and supportive community. We want to thank all of our past and present players, coaches and staff for their hard work in making the Panthers a great success both on the field and in the community. The personal relationships we have enjoyed have been very meaningful to us. I look forward to turning the stewardship of the Panthers over to David Tepper. I have enjoyed getting to know him in this process and am confident that he will provide the organization with great leadership in both its football and community initiatives. I wish David and his family the very best as they enter this exciting new phase of their lives.”

“I am thrilled to have been selected to be the next owner of the Carolina Panthers," said Tepper. "I have learned a great deal about the community and the team over the past several months and look forward to becoming part of the Carolinas. I want to thank Jerry Richardson and the other Panthers partners for all they have done to establish and develop the NFL in the Carolinas. It has been a remarkable 25-year journey and I promise to build upon the Panthers’ success on the field and in the community."

The transaction is expected to close in July.

Charlotte mayor Vi Lyles made the following statement: