David Tepper is in the process of converting a hedge fund into a family office, allowing him to recover external capital

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Appaloosa's chief investment officer, David Tepper, reportedly discussed the return of the hedge fund's capital to investors and its conversion into a family office in order to focus on managing the Carolina Panthers.

Appaloosa's executives discussed a number of strategies for restoring customers' outside money, sources told the Wall Street Journal. Appaloosa has managed about $ 14 billion according to recent estimates.

Sources also reportedly told the Journal that the fund's employees had been informed of the transition of Tepper's investment activity, some of which were interviewed by other investment firms.

Tepper's office did not immediately respond to CNBC's request for comment.

Last year, the National Football League announced that Tepper had reached an agreement to purchase the Panthers franchise for a record $ 2.2 billion.

Sport teams have historically proven themselves, with the value of the average NFL franchise having more than doubled over the decade from 2007 to 2017, from $ 957 million to $ 2.52 billion. At the time of the announcement of Tepper's agreement in 2018, the price was the highest ever paid for a football franchise and exceeded the $ 1.4 billion that the Pegula family had paid for the Buffalo Bills in 2014.