Business Insider Edition
The Carolina Panthers owner Jerry Richardson announced on Sunday evening that he would sell the team after the season.
This move came after an investigation was announced against Richardson amid allegations of sexual harassment in the workplace and the use of a racial slur directed at a team scout.
Richardsons' statement did not address the allegations against him, but did say the sale of the team would not happen until after the season.
"I believe that it is time to turn the franchise over to new ownership," Richardson wrote in a statement. "Therefore, I will put the team up for sale at the conclusion of the NFL season. We will not begin the sale process, nor will we entertain any inquiries, until the very last game is played."
According to the most recent valuations by Forbes, the Panthers are valued at $2.3 billion. Richardson owns 48% of the franchise. The ownership group paid $140 million to the NFL for the expansion team in 1993. If Richardson's controlling stake has been unchanged the entire team, that means his initial investment of roughly $70 million could net him something in the neighborhood of $1.1-1.2 billion.
Here is the full statement.
