The Carolina Panthers have finalized terms to sell the franchise to David Tepper for $2.275 billion.

The NFL's owners will approve his purchase of the Panthers from Jerry Richardson, according to a report.

Tepper's net worth has been projected at $11 billion by Forbes.

The New York Times reported that Tepper's bid wasn't the highest. Ben Navarro, who runs an investment firm, offered $2.6 billion.

David Tepper is expected to sign the deal Tuesday to buy the Panthers and keep them in Carolina, according to a source.

Tepper is a minority owner of the Pittsburgh Steelers.

The source confirmed that the Panthers will be sold for $2.2 billion, which will set a record for the highest sale price for an NFL team.

The deal would be expected to be approved at the owners meetings in Atlanta on May 22. The purchase needs to get approval from the NFL financial committee and then three-fourths approval from the 32 owners.

Carolina Panthers owner Jerry Richardson is zeroing in on hedge fund manager David Tepper as the best candidate to buy the team, according to multiple sources.

If the process moves forward, materials could be distributed to the finance committee next week in advance of a possible vote by owners at the Spring League Meeting in Atlanta, May 21-23.

If the finance committee approves, the league owners are likely to approve, according to a report.

Tepper is a minority owner of the Pittsburgh Steelers.

Peyton Manning is reportedly considering an offer to become part of the potential Carolina Panthers ownership group led by billionaire Ben Navarro.

The Panthers are the last team Manning faced in the NFL, beating them with the Denver Broncos in the Super Bowl.

During his career, Manning often worked out at Duke University in Durham.

The Carolina Panthers have agreed to sign C.J. Anderson to a one-year contract.

Anderson was released this offseason by the Broncos despite rushing for 1,007 yards in 2017.

Anderson will work as a complement to Christian McCaffrey.