Some of the potential bidders for the Panthers have already taken themselves out of the equationGETTY IMAGES
The bidding process for the sale of the NFL Panthers "hasn't officially begun" and "could take months," according to Rovell & Newton of ESPN.com. Sources said that the bidding "likely will begin in March and could conclude" by the May 21-23 owners' meeting in Atlanta. Outgoing Panthers Owner Jerry Richardson can "accept or reject any bid, and the process could take several rounds of counter-bids before both sides reach an agreeable price." As it is now, there are "only two real bidders" -- Steelers investor David Tepper and Sherman Financial Group Founder & CEO Ben Navarro. Among the potential bidders reported so far, Tepper "appears to be the most solid in terms of having the capital to put up" the required 30% of the possible $2.3B sale price. There appears to be a "lack of other solid bidders." Sources said that Navarro's assets are "liquid enough to satisfy" the 30% outlay. Navarro "could be a solid candidate from a financial standpoint, but he is not ideal from a sector standpoint." Sherman Financial and its affiliated companies "buy delinquent consumer debt, mostly from credit card bills, in hopes of collecting what is owed and taking a cut." While Navarro has built the business to more than $2B in annual revenue, sources said that the "litigious nature of the debt collection industry has NFL owners concerned about having an NFL owner's name affiliated with such a business." Some of the potential bidders for the Panthers have "already taken themselves out of the equation," including former UFC Owners Lorenzo and Frank Fertitta. The brothers "expressed initial interest in buying the Panthers." However, sources said that they are "now out" (ESPN.com, 2/27).
