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.