Multiple deep-pocketed individuals are being mentioned as potential bidders for the Carolina Panthers, put up for sale in January by longtime owner and founder Jerry Richardson.
That could be good news for Richardson, who owns 48 percent of the franchise, and his minority partners.
The Panthers could sell for between $2.3 billion and $2.8 billion, experts say. And even the appearance of more credible bidders, some of whom the Observer has been able to verify, could mean a difference of a half-billion dollars in the value of the team.
That's "billion" with a "b."
And some Panthers minority owners, according to a source familiar with the process, are "hoping for it to be a nice bidding war."
Having multiple offers on the table, according to Marc Ganis, a Chicago-based sports business consultant, is in Richardson's best interest _ but "only if they are credible bidders with cash and the ability to close."
Viable names reported so far include billionaires David Tepper (by NFL Network) and Frank and Lorenzo Fertitta (by CBS' Jason La Canfora), Ben Navarro and a group that includes Charlotte businessman Felix Sabates.
The Observer has confirmed Navarro's interest. Multiple sources offered contradictory reports on the Fertitta's interest, and a potential bid from Tepper could not be confirmed.
Under NFL rules, a team can be owned by up to 25 people, one of whom must own 30 percent of the team and put that sum down up front (in this case, $690 million or more). That owner must maintain operating control of the organization and can maintain a debt ceiling of no more than $250 million, which can be used for team-related expenditures.
Forbes estimates Tepper has a net worth of $11 billion. According to Forbes, the Fertitta brothers have a combined net worth of $4.4 billion ($2.2 billion each.)
"When it comes to a sale, the greater the demonstrated interest from qualified candidates the better," said David Carter, executive director of the University of Southern California's Marshall Sports Business Institute. "Often, as the likely sale price increases due to market demand, bidding groups merge, consolidate or drop out."
Carter added that it is normal to see a handful of names _ confirmed or not _ pop up early in the bidding process. Those individuals are usually rich or have a connection to the region _ and ideally both, Carter said.
Navarro, a low-profile South Carolinian and founder and CEO of debt collection firm Sherman Financial, is both. The Observer reported his interest in buying the franchise last week.
"You'd have to take (Navarro) seriously," said Ganis, who has known Richardson for over two decades. "He has the personality (and) the personal profile."
Tepper is a hedge fund manager who owns 5 percent of the Pittsburgh Steelers. The NFL Network called Tepper "a frontrunner" to buy the team, a claim the Observer could not confirm. Tepper could not be reached.
The Fertitta brothers, who sold their shares of the Ultimate Fighting Championship mixed martial arts promotion for a reported 2,000 percent profit in 2016, run a private investment firm, Fertitta Capital.
But it's unclear whether they will become players in the process. A source told the Observer on Friday that the reports "were real," but sources said this week that the Fertittas are not interested in making an offer for the team at this time. The Fertittas could not be reached.
