According to reports, billionaire Michael Rubin is setting his sights on buying the Carolina Panthers, and he's put together a group of minority owners that includes both Sean "Diddy" Combs and Stephen Curry, both of whom made their desire to buy the Panthers (or buy part of the Panthers) pretty damn clear last year:
ESPN's David Newton writes that so far Rubin appears to be going up against Sherman Financial Group CEO Ben Navarro, as well as hedge fund billionaire David Tepper. Citing Forbes, Newton says that Rubin is worth $3 billion, and that he'd need to plunk down 30 percent of the Panthers' sale price (estimated around $2.3 billion) in order to be the majority owner.
However the cost could be driven down if there aren't enough bidders to drive it up. Additionally, Newton adds that an ownership group can have up to 25 members.
Rubin, who owns sports apparel retailer Fanatics, already has stakes in the Philadelphia 76ers, the New Jersey Devils, and Crystal Palace of the Premier League.
Curry, who's a Panthers fan by way of being a Charlotte native, previously stated his wish of being in an ownership group to acquire the club. "I'm very interested and very willing to do what it takes to make that happen," he said.
Neither Curry or Diddy have the insane amount of wealth necessary to be a majority owner, but they are said to be what Rubin is looking for in members of his ownership group. According to a source, nothing has been finalized yet when it comes down to the makeup of the official team putting in a bid.
In fact, official bids are expected to be submitted over the course of the next few weeks. Once that's been completed, at least three quarters of the league's 32 current owners would have to give their approval to the group. A number of sources added that the earliest date that they would be expected to do that would be during meetings held in Atlanta this May.