Billionaire Rush Blows Out NFL Values, Sparking Calls for Change (1)

Investors put up $206 million for the Carolina Panthers when the National Football League added the expansion team in 1993. Five years ago, billionaire hedge fund manager David Tepper bought the franchise for almost $2.3 billion. Back in 1984, the Denver Broncos were sold for a then-record $70 million. A group led by Walmart Inc. heir Rob Walton paid more than $4.6 billion for the team last year.

Now as the NFL prepares for Sunday’s Super Bowl in Glendale, Arizona, industry executives are keeping an eye on who might pay billions more for the Washington Commanders, which hired a bank to explore sale options in ...