CHARLOTTE (AP) — The Carolina Panthers announced the sale of the franchise to David Tepper has closed.

Tepper becomes only the second owner in team history. He started work on Monday.

Tepper, the founder and president of global hedge fund Appaloosa Management, L.P., bought the team from founder Jerry Richardson for $2.2 billion — the most ever paid for an NFL franchise. Richardson put the team up for sale in December after reports of sexual and racial misconduct in the workplace, which the league later confirmed .

Tepper said in a release Monday he’s thrilled to begin a “new era” in Carolina.

NFL owners approved of the sale to Tepper on May 22 at the spring meetings in Atlanta.

The Panthers also announced Tina Becker, who was appointed as COO by Richardson in December, has resigned.

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