The sale of the Carolina Panthers to David Tepper has been agreed, the franchise announced on Wednesday.

Pittsburgh Steelers minority owner Tepper, the founder and president of hedge fund Appaloosa Management, has finalised a deal to purchase the team for a reported fee of $2.2billion.

The Panthers stated the agreement is subject to NFL approval and is expected to be completed in July, with the new owner having to sell his stake in the Steelers.

"I am thrilled to have been selected to be the next owner of the Carolina Panthers," Tepper said in a statement. "I have learned a great deal about the community and the team over the past several months and look forward to becoming part of the Carolinas.

"I want to thank [current owner] Jerry Richardson and the other Panthers partners for all they have done to establish and develop the NFL in the Carolinas. It has been a remarkable 25-year journey and I promise to build upon the Panthers' success on the field and in the community."

Tepper, who is also a well-known philanthropist, is worth an estimated $11bn and Richardson thinks he is a great fit for Carolina.

"I look forward to turning the stewardship of the Panthers over to David Tepper," Richardson said.

"I have enjoyed getting to know him in this process and am confident that he will provide the organisation with great leadership in both its football and community initiatives. I wish David and his family the very best as they enter this exciting new phase of their lives."

The team was put up for sale in December after Richardson was accused of workplace harassment and using a racial slur toward an NFL scout in a story published by Sports Illustrated.