As for the Panthers, they are expected to stay in Charlotte.
The sale to Tepper, per collective bargaining agreement stipulations, requires an approval vote of three-quarters of National Football League team owners.
Tepper, 60, is a part owner of his hometown Pittsburgh Steelers, as well as founder and president of Appaloosa Management, a global hedge fund based in Miami.
Tepper, who owns five percent of the Steelers, would have to sell that interest prior to the purchase.
The Panthers' current owner, Jerry Richardson, put the team up for sale after accusations of sexual misconduct and the use of racist language in the workplace came to light.
Oil prices under pressure since Trump's Iran announcement
Brent crude was up 20 cents at 77.32 dollars a barrel by 1315 GMT and US light crude rose 10 cents to 70.80 dollars. OPEC slightly raised its estimate of growth in world demand this year to 1.65 million bpd.
Richardson spent just $140 million for the rights to the Panthers in 1993.
The bidding process for the Panthers dragged on longer than many expected, with other bidders including Ben Navarro, the chief executive of Sherman Financial Group, and Alan Kestenbaum, the chief executive of a mining and metals companies.
Tepper emerged as the early leader, although Navarro at one point appeared to take the lead.
Now under investigation by the league, owner Jerry Richardson and the entire working environment is being scrutinized from the top down.
Tepper's bid wasn't the highest but it was $2.2 billion and that's close enough to the high bids of $2.5 billion that was floated around. After that a new owner is free to extend the lease to the stadium, build a new stadium or possibly move the team.
He donated $3 million over the year to help with hurricane relief in Puerto Rico and Texas.