Panthers Fire Coach Matt Rhule In Major Setback For Billionaire Owner David Tepper’s Vision

Topline

The Carolina Panthers fired their head coach Matt Rhule Monday afternoon following a disappointing start to the season, a massive concession for the team’s billionaire owner David Tepper, who has failed to translate his investing success to wins on the gridiron.

Matt Rhule compiled an 11-27 record with Carolina.

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Key Facts

Rhule, who led Carolina to a 1-4 record this season, is the first NFL head coach fired this fall.

Tepper signed Rhule to a seven-year, $62 million contract in January 2020, but Rhule failed to lead Carolina to much on-field success despite being one of the highest-paid coaches in the league, compiling an 11-27 record during his three-year tenure.

The organization still owes Rhule , who had never been a head coach for the NFL before, over $40 million.

Carolina acquired former first overall pick Baker Mayfield this summer with high hopes, but Mayfield has the lowest quarterback rating among qualified players this season and threw for no touchdowns in the Panthers’ 37-15 loss to the San Francisco 49ers Sunday, and Mayfield’s struggles likely contributed greatly to Rhule’s ouster.

Key Background

Founder of the famed hedge fund Appaloosa Management, Tepper bought the Panthers from the team’s original owner Jerry Richardson in May 2018 for a then-record $2.3 billion price tag. Despite Tepper’s deep pockets and investing expertise, the Panthers have consistently ranked among the worst in the NFL under his watch, on pace to miss the playoffs for the fifth straight season. Carolina’s recent struggles have largely been due to its inability to find a franchise quarterback despite being frequently rumored to be in the mix for the top quarterbacks available via trade and free agency.

Forbes Valuation

We estimate Tepper is worth $18.5 billion, making him the 81st-wealthiest man in the world. The Panthers are worth $3.6 billion, according to our calculations, more than 50% more than Tepper’s purchase price.

Crucial Quote

Given Rhule was a little-known college coach with barely any NFL experience, many questioned Tepper’s hiring of Rhule, but the billionaire justified his decision at the time: ”He dresses like shit and sweats all over himself. He dresses like me, so I have to love the guy…. Nobody gave him anything, nobody gave me anything. He had to work hard for everything he got.”

Tangent

It’s been a rough few days for billionaire hedge fund managers moonlighting as sports team owners, as the New York Mets, owned by Point72 Asset Management founder Steve Cohen, were eliminated from the MLB playoffs Sunday night.