It started as a refreshing idea at a time when the news was rather disheartening. After allegations of misconduct forced Panthers owner Jerry Richardson to put the team up for sale, the musician and mogul Diddy said that he was interested in buying the team. “Spread the word,” he wrote on Twitter. “Retweet!”
But then, later that month, came this news via Bloomberg:
The price of the Carolina Panthers has reached $2.5 billion, according to people familiar with bids for the NFL team, which would set a record for a U.S. professional sports franchise.
The rapid escalation in bidding has prompted Michael Rubin, the billionaire executive chairman of sports-apparel company Fanatics, to drop out of the process, said the people, who requested anonymity because the matter is private.
A spokesman for Rubin declined to comment. His backers included Brooklyn Nets investor and Alibaba Group Holding Ltd. Executive Vice Chairman Joe Tsai.