David Tepper officially became the owner of the Carolina Panthers on Monday.
The Panthers announced that the deal to transfer the team from Jerry Richardson to Tepper has closed. Tepper paid $2.275 billion for the right to own the team.
Tepper, a billionaire hedge fund manager, signed a definitive agreement to purchase the team on May 16. The NFL owners approved the purchase at the NFL Spring Meeting in Atlanta on May 22. The paperwork needed to officially transfer ownership was completed Monday.
The Panthers also announced chief operating officer Tina Becker has resigned. Becker worked for the Panthers for 19 seasons, and she was named COO on Dec. 18, 2017, shortly after Richardson announced his plans to sell the team.
Her appointment as COO made her one of the highest-ranking female executives in the NFL
No replacement for her position was named.
It remains to be seen whether any other changes will be made. Issues that Tepper might address include the renovation of the existing stadium, the addition of a practice facility and possible changes to the staff.
"I am thrilled to begin this new era of Carolina Panthers football and am humbled by the overwhelming excitement and support for the team," Tepper said in a statement. "On behalf of the fans and myself, I thank Jerry Richardson for bringing the team to the Carolinas and for entrusting me with its future.
"Winning is the most important thing both on the field and in the community, and I am committed to winning a Super Bowl championship together. I look forward to being part of the Panthers' family and to supporting this flourishing region."
Richardson was fined $2.75 million after an investigation into workplace misconduct.
Richardson, 81, announced shortly after the NFL took over the investigation that he planned to sell the team.