Panthers training facility dead after Chapter 11 filing
By STEVE RED
The Carolina Panthers’ proposed $800 million practice facility project in Rock Hill, South Carolina, is officially dead after team owner David Tepper’s real estate company filed Wednesday. filed for Chapter 11 bankruptcy protection in Delaware.
Tepper, who has made billions in hedge funds, is the richest owner in the NFL. The filing will in no way affect the NFL’s Panthers or Major League Soccer’s Charlotte FC.
It’s unclear at this point what will happen to the half-built practice facility.
Tepper has invested more than $175 million in the facility, which is located approximately 25 miles south of the current downtown stadium and team headquarters in Charlotte, North Carolina.
GT Real Estate Holdings, LLC (GTRE), a Delaware limited liability company, announced to The Associated Press in a statement late Wednesday evening that it had begun a court-led financial restructuring process in Delaware to effect an orderly liquidation of the project. . The action follows the termination and termination of agreements with the City of Rock Hill related to the project, previously announced by GTRE.
GTRE also announced that it has received a $20 million funding commitment from DT Sports Holding, LLC, subject to court approval, which will allow the company to fund a process to address its legitimate claims from creditors, as well only to preserve, protect and enhance the Rock Hill site for the benefit of all stakeholders.
“In recent weeks, GTRE has been faced with a variety of claims, some valid and some not, from suppliers, contractors and other third parties, including York County, SC,” said GT Real. Estate Holdings in a statement. “GTRE is taking this action to ensure that legitimate claims are dealt with as fairly and expeditiously as possible through a court-supervised process, and to bring about the orderly and safe end of the project. GTRE intends to resolve its legitimate obligations.”
The city of Rock Hill does not plan to release a statement until it has had a chance to review the bankruptcy filing on Thursday, a city spokesperson said.
The Panthers announced on April 19 that they had terminated their agreement with the town of Rock Hill, South Carolina.
The bankruptcy ends a bitter public disagreement between Tepper and the town of Rock Hill.
Tepper’s company said it negotiated with the city for more than a year, warning them in March that they had 30 days or the Panthers would pull out. They said in a statement in April that it was “unfortunate that some have recently decided to carry out a misguided and destructive public relations campaign to cover up their failures”.
Rock Hill officials responded to the announcement, saying the Panthers announcement was “misleading and misleading” and that they embraced the Panthers, hosted their headquarters in South Carolina and “did everything to make this happen.” project a success and have not failed in any of our obligations.”
“It was and still is our intention to continue to bargain in good faith while protecting the interests of our ratepayers,” the Town of Rock Hill said. “In fact, over the past few weeks we have attempted to meet the Panthers on several occasions, to no avail.”
The city also claimed that it had fulfilled all required obligations under the agreement, but could not provide the Panthers with unlimited resources and had to protect taxpayers.
The Panthers headquarters and training center were scheduled to be completed in 2023.
It’s unclear if Tepper will attempt to start another firm in the future, and if so, where that will be.