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Sunday, June 16, 2024

Carolina Panthers Owner Being Investigated for Failed HQ Project

  • David Tepper and his real estate development arm are under investigation by the York County sheriff’s office.
  • The investigation is over the use of public money used for the construction of a failed team facility project.
Carolina Panthers owner David Tepper on sideline of NFL game
Kirby Lee-USA TODAY Sports

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.

Partially built structure at Rock Hill Development, the proposed new practice facility of the Carolina Panthers

Carolina Panthers, Rock Hill Settle on Failed $800M Project

Rock Hill has agreed to a $20 million settlement.
November 15, 2022

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.

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