The Carolina Panthers and owner David Tepper continue to face issues over a failed $800 million team headquarters project in Rock Hill, South Carolina.
Tepper — the third-richest sports team owner in America with a net worth of $18.5 billion, per Forbes — and his development arm GT Real Estate are under investigation by the York County sheriff’s office over the use of public money for the construction of the ill-fated project.
Rock Hill had agreed to cover a portion of infrastructure costs for the facility, which began construction in 2020. The project was paused in March 2022 when Rock Hill missed a payment.
- GT Real Estate filed for bankruptcy in June after investing more than $170 million.
- York County gave $21 million to GT Real Estate and sought to be repaid.
- Plans for the facility included a 5,000-seat stadium and indoor practice center.
- The project was officially nixed when the 245-acre site was put up for sale in October.
In November, Rock Hill agreed to a $20 million settlement with GT Real Estate, which equates to what the city invested. An approved settlement would require GT Real Estate and Rock Hill to drop their lawsuits, which blame each other for the short-lived plan.
Payment Plan
In August, GT Real Estate submitted a plan to the U.S. Bankruptcy Court to repay creditors and resolve all claims.
GT Real Estate would put $60.5 million into a trust dedicated to paying back creditors and contractors, while also paying York County what is owed.
