David Tepper’s Panthers real estate company files bankruptcy

GT Real Estate Holdings, LLC, the organization billionaire Panthers proprietor David Tepper set up precisely for the team’s Rock Hill headquarters undertaking, has filed for Chapter 11 bankruptcy in Delaware, the firm announced Wednesday evening.

That submitting officially finishes the Panthers’ pursuit of a headquarters in Rock Hill, S.C., and will come a minor extra than a thirty day period after it finished its settlement with the City of Rock Hill around the building of the approximately 700,000 sq.-foot facility. The Panthers, Charlotte FC, and Tepper Athletics & Amusement will be unaffected by the submitting. The company insists those people corporations will function uninterrupted.

“In latest weeks, GTRE has been confronted with many claims, some valid and some not, from vendors, contractors and other 3rd parties, like York County, SC,” the corporation explained in a assertion. “GTRE is having this motion to be certain legit statements are processed as rather and expeditiously as achievable underneath a courtroom-supervised system, and to obtain the project’s orderly and safe wind-down. GTRE intends to resolve its reputable obligations.”

The Panthers supposed to develop a state-of-the-artwork headquarters on the 240-acre land in Rock Hill. The undertaking was meant to be an economic enhance for both of those the metropolis and South Carolina. It would have been the major such facility in the NFL and was supposed to be a sports and leisure location for activities from soccer games to higher university athletics championships and company activities and concert events.

The Panthers broke floor on the website in 2020.

But in March, the business stopped building on the residence after a disagreement between the town and GTRE. Tepper Sports stated in a assertion at the time that Rock Hill has been “unable to contribute (to) the agreed on investment decision to fund the construction” of the undertaking.

The city insisted it experienced.

Regardless, the two sides failed to attain an agreement to continue building, and the company terminated the deal.

Tepper, who spoke to the media for the first time in much more than a yr in April, declined to communicate about the challenge.

The Charlotte Observer 1st reported in April that “the Rock Hill offer is useless.”

Nevertheless the Panthers will no longer go after a headquarters in Rock Hill, they likely will still glance somewhere else. Charlotte is an choice, but Tepper could run into troubles regionally. A city councilman informed the Observer that the town has other priorities.

This story is building and will be up to date.

This tale was at first released June 2, 2022 12:27 AM.