Tepper might be kind of owner NFL needs
ATLANTA – David Tepper was christened into the NFL’s Billionaire Club on Tuesday, unanimously approved as new owner of the Carolina Panthers.
And he came with punch lines, like when someone asked about pursuing a new stadium deal.
“You’re asking me too much,” declared a man paying $2.275 billion for his franchise, a league record.
“The only thing I have a market on right now is lack of knowledge. I’ll call it stupidity.”
Yet Tepper, 60, hailed by Forbes as arguably the greatest hedge fund manager of his generation, surely has his wits about him when it comes to making bank. But given his track record includes being rejected after his first job interview as a Pittsburgh teenager looking for work at McDonald’s, Tepper is prone to self-effacing humility.
It’s a contrast the Panthers need about now, to go along with a culture change — hardly a laughing matter.
Tepper’s opportunity to buy the team came after it was alleged in a Sports Illustrated report in mid-December that former owner Jerry Richardson engaged in workplace misconduct that amounted largely to sexual harassment of female employees and, in at least one case, of using a racial slur in addressing a since-departed African-American scout.
Richardson, 81, who addressed NFL owners Tuesday with what was presumed to be a farewell message, hasn’t spoken publicly about the allegations. According to SI, the claims have been hushed by “significant” financial settlements that include non-disclosure clauses. The NFL is investigating the matter, but what can it do to Richardson now? Richardson, who paid $206 million to found the Panthers — their first season was in 1995 — just made off with an enormous return on his investment, albeit with another stain to a reputation that previously took a hit for reportedly condescending remarks to players during labor talks. And remember, this is the same Richardson who came into the NFL with his Flagstar Corp., parent company to Denny’s and subject to numerous claims of discrimination and bias against African Americans ... and numerous settlements.
So Tepper has bought a playoff team, but one that obviously needs to change its perception. He maintained he knows little about specifics tied to the atmosphere that, well, led to his big purchase. But he didn’t skirt the issue entirely.
“I’ve had a business for 25 years,” said Tepper, referring to Miami-based Appaloosa Management. “I’ve kind of believed — this is me, this has nothing to do with the Panthers — in equality for everybody, including men and women. I think versus me talking about what happened (under Richardson) ... the past is the past, the future will be that.”
Tepper, a minority owner of the Pittsburgh Steelers for nine years, seems like the type of progressive owner the NFL needs. He prefaced a riveting commencement address at Carnegie Mellon University on Sunday thusly: “If you were expecting to hear a professional
“I think you want to be very careful, and that’s what I’ll do on that side of the business.”
David Tepper New Panthers owner
speech today, you may be at the wrong commencement.”
In addition to his sense of humor, Tepper, who received his MBA and (now) an honorary doctorate’s degree from CMU, revealed a sensitivity that won’t hurt while addressing the type of issues that converge with the business of pro football. Not only did he weave the typical advice for graduates into the commencement speech, he revealed how proud he was to avoid physically abusing his three children — he said his father victimized him.
“I broke the cycle,” he exclaimed. Tepper also doesn’t seem likely to be intimidated by any shade that Donald Trump might cast on the NFL. Tepper’s been a vocal critic of Trump, deriding the president as the “father of lies.” During a CNBC interview before the 2016 election, he called Trump a “demented, narcissistic scumbag.”
(Imagine the fuss if Ron Rivera can lead the Panthers to a Super Bowl victory, setting up a potential White House visit.) As for the moment, don’t expect any big changes in Carolina, with Tina Becker in place as COO and football operations headed by GM Marty Hurney and Rivera. Tepper won’t transition into his ownership role until July.
“There’s a great team down there right now, and I think the biggest thing I can do ... I have a great appreciation for how stupid I am,” Tepper said. “Sometimes, it’s better to do nothing than to do something. I think you want to be very careful, and that’s what I’ll do on that side of the business.”
He was poised to get on a roll after NFL Commissioner Roger Goodell introduced him to the media Tuesday. But just like that they were gone, whisked back into league meetings — although you might suspect the image-stiff NFL didn’t want Tepper going too far. He took just three questions — stretched to four after a crafty writer ended with a two-parter. Still, not exactly a grilling.
But it was clearly a glimpse of the face of a new culture.