CHARLOTTE, N.C. -- Carolina Panthers owner Jerry Richardson will put the team up for sale, according to an announcement made by the team's website Sunday night.

"I believe that it is time to turn the franchise over to new ownership," Jerry Richardson said in a statement. "I will put the team up for sale at the conclusion of this NFL season."

The announcement comes on the same day Sports Illustrated published a report alleging that Richardson paid off "significant monetary settlements" due to inappropriate workplace comments and conduct.

The NFL said on Monday the league is moving forward with its investigations despite Richardson's intentions to sell the team.

RELATED: Ex-Panthers employees say Jerry Richardson made payouts for workplace misconduct, SI reports

Vi Lyles, mayor of Charlotte, released a statement following the news of the expected sale:

According to Forbes, the Panthers are worth $2.3 billion, making them the 21st most valuable franchise among all 32 NFL teams. In 1993, Richardson and a group of investors paid $206 million to create the franchise.

Stick with for the latest on this developing story.