Deals

Bidding for NFL’s Carolina Panthers Reaches $2.5 Billion

Fanatics executive chairman Michael Rubin drops out of bidding
Kestenbaum may get backing from Canada’s third-richest person

Cam Newton #1 of the Carolina Panthers dives into the end zone for a touchdown against the Atlanta Falcons on Nov. 5, 2017 in Charlotte, North Carolina. — Cam Newton #1 of the Carolina Panthers dives into the end zone for a touchdown against the Atlanta Falcons on Nov. 5, 2017 in Charlotte, North Carolina.
Photographer: Grant Halverson/Getty Images

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By Scott Soshnick

March 21, 2018 at 6:56 PM UTC

Updated on

March 21, 2018 at 7:49 PM UTC

This article is for subscribers only.

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.