Alan Kestenbaum, steel company CEO, is latest potential Carolina Panthers bidder

[joeyxfresco]

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Multiple sources have told the Observer that a steel and mining industry executive has surfaced as the latest potential bidder for the Carolina Panthers.

Alan Kestenbaum is the chairman and CEO of the private equity firm Bedrock Industries LP, which in June bought a 107-year-old Canadian steel company now called Stelco Holdings.

The sources spoke with the Observer spoke on the condition of anonymity because the bidding process is confidential. Kestenbaum could not be reached for comment.

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So far, the three other likely bidders that have surfaced are Charleston businessman Ben Navarro, Philadelphia e-commerce innovator Michael Rubin and Miami hedge fund manager David Tepper. Charlotte businessman Felix Sabates has spearheaded a potential local ownership group, but a source said he might look at partnering with another bidder. It’s not clear if any others will enter the race.

According to a bio on his company website, Kestenbaum has “extensive investing and operating experience in the natural resources sectors as well as a successful track record in turnarounds and restructurings.” He is the past founder of a company called Globe Specialty Metals Inc. and former chairman of Ferroglobe PLC. In early 2015, Globe agreed to merge with a Spanish company called Grupo FerroAtlantica for $3.1 billion.

Bedrock is based in Miami and public records show that Kestenbaum owns beachfront condominiums in Dade County, Fla.

A Bloomberg News story in December described him as a 55-year-old Brooklyn-born turnaround artist who sees promise in a steel company that has struggled with losses, gone through bankruptcy protection twice and endured thorny labor relations. After completing an initial public stock offering in November, Stelco will use part of the $181 million in IPO proceeds to boost capacity at steel mills and to pursue possible acquisitions, according to a Reuters story.

“Many companies and owners today have broken balance sheets, are forced asset sellers and have operational issues. We talk to everybody,” Kestenbaum told Reuters. Bedrock controls 85 percent of Stelco, he told Business News Network last year.

http://amp.charlotteobserver.com/sports/nfl/carolina-panthers/article206172239.html?__twitter_impression=true

[LinvilleGorge]

Normally, I would say that any non-American interest wouldn't have a chance in hell if getting voted through by the owners, but given the NFL's obvious pursuit of a global presence in recent years with the London and Mexico City games as well as open talk about possibly eventually having teams based in places like London and Toronto, who knows?

[The Huddler]

I want the guy with the bronze balls in his desk

[t96]

Just now, LinvilleGorge said:

Normally, I would say that any non-American interest wouldn't have a chance in hell if getting voted through by the owners, but given the NFL's obvious pursuit of a global presence in recent years with the London and Mexico City games as well as open talk about possibly eventually having teams based in places like London and Toronto, who knows?

aren’t the new Bills owners Canadian?

[TheSpecialJuan]

1 minute ago, LinvilleGorge said:

Normally, I would say that any non-American interest wouldn't have a chance in hell if getting voted through by the owners, but given the NFL's obvious pursuit of a global presence in recent years with the London and Mexico City games as well as open talk about possibly eventually having teams based in places like London and Toronto, who knows?

yup

[SuperBowlBound]

Steel eh?

[LinvilleGorge]

2 minutes ago, thomas96 said:

aren’t the new Bills owners Canadian?

Nope. Pretty sure their was a Canadian bid though and there may be Canadian minority owners, I'm not sure about that. But the primary owner is American. 

[Toker Smurf]

So there would there be poutine and Moosehead sold at games?

[Squirrel]

1 minute ago, Cam El said:

So there would there be poutine and Moosehead sold at games?

And Tim Hortons. 

[*FreeFua*]

Move them to Canadia!!!

[RoaringRiot]

@*FreeFua* is already more Canadians than we need. 

[joemac]

22 minutes ago, LinvilleGorge said:

Normally, I would say that any non-American interest wouldn't have a chance in hell if getting voted through by the owners, but given the NFL's obvious pursuit of a global presence in recent years with the London and Mexico City games as well as open talk about possibly eventually having teams based in places like London and Toronto, who knows?

He's from Brooklyn and lives in Miami....his company just bought a Canadian steel company.

[*FreeFua*]

5 minutes ago, RoaringRiot said:

@*FreeFua* is already more Canadians than we need. 

I’m starting to worry that I’ve set the bar so high for what people will expect the typical Canadian to be that it’s not fair to the rest of the people in my country.

 

[PanthersBigD]

3 minutes ago, joemac said:

He's from Brooklyn and lives in Miami....his company just bought a Canadian steel company.

Love how everyone went straight to panic. Very misleading thread title. Reading is fundamental.