The Carolina Panthers are out for the 2017 season after a loss Sunday night to the New Orleans Saints, but the team will still be making headlines in the off-season.
Panthers owner Jerry Richardson announced he was selling the team last month, right as reports came out Richardson was being investigated for workplace misconduct, including sexual harassment.
There's been a lot of interest generated in buying the team, which Forbes values at $2.3 billion.
According to USA Today, the NFL outlined some of rules by which the Panthers franchise would change hands under new ownership:
— A new controlling owner is required to individually own at least 30 percent of equity. (Most owners typically own more than that, and some own 100 percent).
— A new owner needs to be able to demonstrate financial wherewithal to acquire and effectively operate the team.
— A new owner must have full voting control over all matters involving club and stadium, all football operations.
— The new owner cannot exhaust his or her (total) financial resources to make a bare minimum equity (acquisition).
— A new owner is limited to a maximum of $250 million in total debt related to the club. Other debt is permitted beyond that debt ceiling, but it has to be collateralized by non-football assets.
—The payment must be paid in cash or financed.
— A new ownership group is limited to a maximum of 25 co-owners.
— A public company or not-for-profit can't buy the team.
—All owners must be approved by three-quarters (24 of 32) of member clubs.
► Make it easy to keep up to date with more stories like this. Download the WFMY News 2 App now