Since David Tepper bought the Carolina Panthers in July 2018, the NFC South’s sorriest franchise has been stuck in playoff purgatory. The billionaire hedge fund manager paid a then-record price of $2.275 billion to become just the second primary owner in the history of the club.
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That purchase has certainly been a win for Tepper himself, thanks to the ever-increasing value of the NFL. But the city of Charlotte has yet to see anything meaningful come from it.
Tepper’s investment in the team has nearly doubled in worth, with the Panthers receiving a $4.5 billion valuation from Forbes in 2024. As of September 2024, the Carolina Panthers‘ operating income (profit) was estimated at $109 million. However, both fans and players have been less than thrilled with the way in which Tepper has presided over their beloved franchise.
The NFL Players’ Association recently gave Tepper a D-grade, the second lowest of any owner in the league. His iteration of the Panthers does not have a playoff record because they have yet to reach the postseason under his ownership.
Since 2018, Carolina has produced an unsavory 36-80 regular-season record. Their head coaching position has been a revolving door of questionable play-callers. They are now on their eighth head coach since Tepper first took over. Tepper has had the ignominy of firing two separate coaches in the midst of the regular season.
While many believe that the troubles of the Panthers are unique to Tepper and Co., Front Office Sports’ A.J. Perez believes that he’s indicative of a much larger problem. “Buying stakes in distressed and undervalued companies isn’t the same as running an NFL franchise,” Perez said.
Likening Tepper’s failures and inconsistencies with the Panthers to those of the disgraced and now former owner of the Washington Commanders, Dan Snyder, Perez suggests that these billionaire investors are simply not equipped for building contending football teams.
According to a former NFL executive, the shortcomings of Tepper’s Panthers are not surprising at all when you consider the context in which the “investor” exists.
“His track record is exactly what I expected it would be. There’s a difference between being an investor and an owner. People like Tepper have made a lot of money, but that doesn’t necessarily translate into them being good owners. They don’t know what it’s like to build things,” said the NFL executive.
Unfortunately, for Panthers fans, it doesn’t appear as if anything will be changing anytime soon. The team invested an obscene amount of draft capital to acquire Bryce Young in the 2023 NFL Draft. The quarterback, despite showing some signs of growth, has yet to justify the hefty price tag.
The team did manage to land Tetairoa McMillan in this year’s draft, who was touted as being the most pro-ready receiver of the entire 2025 class. But the Panthers still have a long way to go before they can be considered a playoff team. In fact, FanDuel has listed the Panthers’ odds of reaching the playoffs at +260, the seventh-longest odds of any team in the NFL.
While that’s not very encouraging for the fan base, it at least ensures that ticket prices will be relatively cheap for the foreseeable future. Indeed, it’s hard for anyone, including Tepper, to justify premium ticket prices for such a lackluster product.
