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

  • Rock Hill has agreed to a $20 million settlement with GT Real Estate Holdings.
  • The company went bankrupt while building a new Carolina Panthers headquarters in the city.
Partially built structure at Rock Hill Development, the proposed new practice facility of the Carolina Panthers
Carolina Panthers

The saga of the Carolina Panthers and Rock Hill is finally nearing an end.

Rock Hill has agreed to a $20 million settlement with GT Real Estate Holdings, the David Tepper-owned company that went bankrupt in June while building a new Panthers headquarters in the South Carolina city. The figure equates to what the city invested in the now-defunct project.

If approved, the settlement will require both sides to drop their lawsuits blaming each other for the failed project. Rock Hill will receive the land designated for the abandoned $800 million plan, which is already on the market.

  • Tepper — who purchased the Panthers in 2018 for $2.3 billion — established the real estate company for the team HQ project, which would have included a 5,000-seat stadium and indoor practice center.
  • The company had already invested more than $170 million before filing for bankruptcy.
  • Tepper had paused construction in March when Rock Hill missed a payment toward infrastructure costs. 

Contractors would reportedly receive more than $60 million to settle their claims as part of the bankruptcy plan.

A confirmation hearing on the bankruptcy was originally scheduled for Wednesday but has been delayed until December. 

Court Calls

The settlement doesn’t mean GT Real Estate Holdings is done — York County, which gave the company $21 million for the development, reportedly claims to be owed more than $80 million

The county is not included in Rock Hill’s settlement proposal.

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