CHARLOTTE, N.C. (AP) — The Carolina Panthers have announced that owner Jerry Richardson is selling the NFL franchise amid an investigation by the league into allegations of sexual and racist misconduct by Richardson in the workplace.

The team announced on Twitter that Richardson is selling the team, linking to a five-paragraph letter by the franchise's only owner.

Richardson said in the open letter "I believe it is time to turn the franchise over to new ownership. Therefore, I will put the team up for sale at the conclusion of the NFL season."

The NFL awarded Richardson an expansion franchise in 1993 and he has been the team's only owner.

The letter did not directly address the investigation.