it looks like Diddy and NBA star Stephen Curry’s opportunity to become future owners of the Carolina Panthers may not happen.
According to ESPN, the bidding for the football team reached a record $2.5 billion. E-commerce billionaire Michael Rubin, who leads a diverse group of rich buyers including Diddy and Curry, has reportedly backed out because the bid was too high.
However, insiders told the sports network that Rubin is willing to go higher than his initial bid, but it has to be at the right price. Sources close to the process could not confirm to ESPN that the $2.5 billion is accurate. The Panthers are valued by Forbes at $2.3 billion. It is unclear what Rubin considers the right price.
The record for the biggest sale of a professional sports franchise in the United States goes to the Houston Rockets, which was sold for $2.2 billion in 2017.
When it was first announced that Panthers’ owner Jerry Richardson was putting the team up for sale, Diddy quickly threw his hat in the ring via Twitter.
“I will be the best NFL owner that you can imagine,” he tweeted. “I will immediately address the Colin Kaepernick situation and put in the running for next year’s starting line-up.” Curry, who currently plays for the Golden State Warriors, responded to Diddy tweeting, “I want in.”
Several other wealthy men have thrown their hats in the bidding war as well including, South Carolina billionaire Ben Navarro, hedge-fund billionaire David Tepper and Bedrock Industries LP chairman and CEO Alan Kestenbaum.