• Loading stock data...
Sunday, June 16, 2024
Law

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.

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

General view of the stadium during the game between the LSU Tigers and the Wake Forest Demon Deacons at Charles Schwab Field Omaha. Mandatory Credit: Steven Branscombe-USA TODAY Sports

College World Series: Record Crowds and TV Viewership Anticipated

The eight-team bracket has four schools each from the ACC and SEC.

NFL Declined ESPN Offer to Drastically Reduce Sunday Ticket Price

The NFL’s prospects aren’t looking good in court.

Rays Nearing $1.3B Stadium Deal, Clear Path to St. Pete Commitment

The St. Petersburg city council gives preliminary approval to the Rays’ $1.3 billion stadium project.
podcast thumbnail mobile
Front Office Sports Today

How the US Open is Designed for Drama

0:00

Featured Today

Jan 3, 2022; Pittsburgh, Pennsylvania, USA; General view of the NFL shield logo signage before the Pittsburgh Steelers host the Cleveland Browns at Heinz Field.

Odds Stacked Against NFL in Multibillion-Dollar Sunday Ticket Trial

Why the class action trial does not look promising for the league.
Jan 7, 2024; San Francisco, California, USA; Toronto Raptors forward Jontay Porter (11) takes a three-point shot against the Golden State Warriors during the second half at Chase Center.
June 9, 2024

‘Bound to Happen’: The Age of the Sports Betting Scandal Has Arrived

A banishment, betting scheme, and guilty plea all in one scandal-filled span.
June 8, 2024

‘Experimental in Nature’: The Rapid, Confounding Rise of Streaming Bundles

Here’s why confusion continues to outweigh solutions in the streaming package boom.
June 2, 2024

The Nostalgia Market: Michael Jordan’s Memorabilia Remains Coveted, With Caveats

Due to scarcity, and sometimes, items’ undisclosed whereabouts, this world has limitations.

Sage Steele Claims in Suit That Her Agents Prioritized Relationship With ESPN Over Her

She says CAA chose its relationship over ESPN over advocating for her.
Sep 10, 2023; Flushing, NY, USA; Novak Djokovic of Serbia reacts towards his player's box during a changeover against Daniil Medvedev (not pictured) in the men's singles final on day fourteen of the 2023 U.S. Open tennis tournament at USTA Billie Jean King National Tennis Center.
May 29, 2024

Ticketmaster Causes Eras Tour–Like Disappointment in Tennis, One Week After DOJ Lawsuit

Tennis fans struggled to get tickets during the US Open presale.
June 10, 2024

NC State’s 1983 Title Team Sues NCAA Over Name, Image, and Likeness

The ’83 team is one of March Madness’s most memorable Cinderellas.
Sponsored

How HOKA is Reimagining the NIL Relationship

HOKA, the renowned athletic footwear and apparel brand, is betting on a new reality with NIL.
May 28, 2024

Ángel Hernández’s Career and Crusade End With Retirement Settlement

The umpire unsuccessfully sued the league for racial discrimination.
May 28, 2024

NFL Kicker Sexually Assaulted Attendants on Team Flight, Lawsuit Says

Brandon McManus allegedly ‘grinded up against’ them on a flight to London.
May 23, 2024

Ticketmaster’s Future at Risk As DOJ Lawsuit Threatens Industry Shake-Up

The U.S. Department of Justice alleges a series of anticompetitive practices by the live entertainment and ticketing giant.
May 23, 2024

Taylor Swift Ticket Fiasco Could Rock Sports As Feds Step In

The Justice Department is suing Ticketmaster for allegedly monopolizing live entertainment.