CHARLOTTE, N.C. (AP) – The Carolina Panthers announced Sunday evening that owner Jerry Richardson, who is dealing with a sexual misconduct investigation, will sell the team.

The team announced on Twitter that Richardson, 81, is selling the team, linking to a five-paragraph letter by the franchise’s only owner. (Scroll down to read the full letter)

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 letter did not directly address the investigation.

The team said Friday former White House Chief of Staff Erskine Bowles is overseeing an investigation by a Los Angeles-based law firm.

Team spokesman Steven Drummond said in a release Friday that “The Carolina Panthers and Mr. Richardson take these allegations very seriously and are fully committed to a full investigation and taking appropriate steps to address and remediate any misconduct.”

Drummond told The Associated Press the team couldn’t comment publicly on the specifics of the allegations because it is under review.

The NFL awarded Richardson an expansion franchise in 1993 and he has been the team’s only owner.Below is a letter Richardson released Sunday night (click image to enlarge)