CHARLOTTE – Foundation For The Carolinas has announced a $30 million contribution by Derick Springsteen Close to the Springsteen Foundation, a donor-advised fund held at FFTC.
The gift follows the sale of the Carolina Panthers to David Tepper for a record $2.275 billion. The initial $30 million gift represents a sizeable percentage of the total proceeds that Close, a limited partner in the team, realized from the sale.
“Derick Close is a generous philanthropist who is making a significant impact on our region through both lifetime and legacy gifts,” said Michael Marsicano, president and CEO of Foundation For The Carolinas. “We are grateful for Derick’s magnanimity. His gift will benefit our community for many years to come. He joins a national movement of select philanthropists in America who are making substantial giving pledges, setting new and higher standards of generosity.”
Close, on behalf of DSC Football LLC, was among an 11-member group of limited partners at the time of the sale. Close was an initial investor when the NFL approved the team’s entry into the league in 1993.
“The success of both the team and the initial investment is a result of this community,” Close said. “We are committed to investing in local nonprofits serving those in need throughout the Carolinas.”
The Springsteen Foundation will formalize Close’s family philanthropy and include participation by his three children, Baxter Petrone, Claude Close and Craddock Close. Its inaugural grant cycle will begin in early 2019.
“We will focus our philanthropy on improving lives for those in our community, with an emphasis on human services, health and education,” Close said. “Giving back to the community is very important to me and my family. This gift will allow us to continue the legacy of philanthropy started by my grandfather, Colonel Elliott White Springs, in 1942 and continued by The Springs Close Foundation led by my mother, Anne Springs Close.”