Diddy, Curry involved in bid for Panthers ownership
14 March, 2018, 16:02 | Author: Heidi Alvarez
Months later and the two headline a group led by billionaire Michael Rubin that will submit a bid to buy the Carolina Panthers.
Just before the regular season was set to end, Carolina Panthers owner Jerry Richardson announced his decision to put the franchise up for sale amid allegations of awful workplace behavior on his part.
The two-time National Basketball Association champion now looks set to dip his toe into another sport, after hinting he could join a consortium of minority owners to support Michael Rubin's bid to buy football team Carolina Panthers.
According to Newton, Rubin, hedge fund billionaire David Tepper and CEO of Sherman Financial Group Ben Navarro are the three known bidders who have enough money to become a majority owner.
An owner can then have up to 25 members in his ownership group.
Neither man has the requisite net worth to serve as a majority owner-Forbes pegs the Panthers' worth at $2.3 billion and Combs' net worth at roughly $820 million.
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Following the completion of the sale, the vice president now owns 357,906 shares of the company's stock, valued at $46,477,673.16. BMO Capital Markets maintained it with "Outperform" rating and $70 target in Wednesday, February 21 report.
Shortly after the Panthers were put up for sale, Diddy first revealed his interest in buying the franchise by tweeting "I would like to buy the Panthers".
Rubin also has a stake in the NBA's Philadelphia 76ers, the NHL's New Jersey Devils and the English Premier League's Crystal Palace.
Curry, who's a Panthers fan by way of being a Charlotte native, previously stated his wish of being in an ownership group to acquire the club. He later spoke to reporters about it.
"It's a pretty interesting opportunity", Curry saidseveral weeks later. "I'm very interested and very willing to do what it takes to make that happen", hesaid. Along with rapper Sean "Diddy" Combs, Curry is understood to be among the celebrities Rubin has spoken to. Curry, on the other hand, made $47.3 million in 2017, per Forbes. The eventual buyer will have to get approval by three-quarters of the league's 32 owners.
The earliest that a decision is expected to happen is at the owners' meetings in May in Atlanta.
Following the completion of the transaction, the director now directly owns 12,853 shares in the company, valued at $866,035.14. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website .
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