Carolina Panthers hire Allen & Co. to assist sale of team

US investment bank will manage sale of NFL franchise after end of 2017/18 season.

Carolina Panthers hire Allen & Co. to assist sale of team

The Carolina Panthers of the National Football League (NFL) have hired US investment bank Allen & Company LLC (Allen & Co.) to manage the sale of the franchise.

The news of the team’s sale was announced in December following a number of workplace harassment claims made against long-term Panthers owner Jerry Richardson. The 81-year-old paid US$206 million along with investors for the team in 1993.

Sports Illustrated reported that the Panthers agreed settlements with four former employees of the NFL outfit in relation to inappropriate behaviour by Richardson, who now faces internal investigations by the Panthers.

The sale of the franchise is due to begin at the end of the 2017/18 season. Forbes values the team at US$2.3 billion.

American businessman and rapper Sean Combs, who is estimated to have a personal fortune of US$820 million, expressed interest in buying the Panthers on Twitter, alongside National Basketball Association (NBA) star Stephen Curry.

Allen & Co. recently brokered the sale of the National Basketball Association’s (NBA) Brooklyn Nets, when Alibaba Group Holding Ltd. executive vice chairman Joe Tsai bought a 49 per cent stake in the team for US$2.3 billion.

The Carolina Panthers ended the 2017 NFL regular season at the top of the NFL’s NFC South division. They open the season-ending play-offs against the New Orleans Saints on Sunday.