Another setback has unfolded regarding a failed $800 million headquarters and training facility for the NFL’s Carolina Panthers in Rock Hill, South Carolina.
A federal judge has rejected a settlement plan for GT Real Estate — a development arm controlled by Panthers owner David Tepper — that filed for bankruptcy in June after investing more than $170 million toward the construction of the ill-fated project.
Two months later, GT Real Estate submitted a plan to the U.S. Bankruptcy Court to repay creditors and resolve all claims. The judge refused to approve the plan over third-party releases, which would prevent creditors from pursuing legal claims against third parties.
- Plans for the facility included a 5,000-seat stadium and indoor practice center.
- Construction began in 2020 and was halted in March after a missed payment.
In November, Rock Hill agreed to a $20 million settlement with GT Real Estate, which equates to what the city invested. Earlier this month, York County — where Rock Hill is located — agreed to its own $21 million settlement over sales tax money allocated toward the project.
NFL owners approved an abundance of items on Wednesday related to the construction of new stadiums and upgrades of current ones.
Items related to the proposal of a new $2.1 billion stadium for the Tennessee Titans and a $1.4 billion stadium for the Buffalo Bills were approved, sources told Front Office Sports. Owners also sanctioned the extension of the Bills’ lease at their current home, Highmark Stadium.