David Tepper is now the new owner of the Carolina Panthers NFL team, after sealing a deal last week to purchase the team for around $2.2 billion. Tepper is not only an investor in the NFL but also the casino industry. Tepper’s Appaloosa Management recently increased their casino investments and the NFL reportedly does not have an issue with the owner’s foray in the gambling industry.
Appaloosa Management increased their stake in gambling stocks, including MGM Resorts International and Caesars Entertainment during the first quarter, based on regulator filings, as reported by the New York Post. The $17 billion company also added Boyd Gaming within their investment portfolio.
The policy of the NFL league bans owners of teams from operating casinos, but the owners can invest in casinos as long as they are not personally involved in operating the venue. According to a spokesperson for the NFL, they told The Post that Tepper’s investments were vetted and they satisfied ownership and were not an issue back in 2009 when the owner was involved with the Steelers football team as a minority owner.
It was announced last week that Tepper was approved to become the next owner of the Carolina Panthers, after the team announced an agreement had been signed with him to sell the NFL team.