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Tuesday, July 16, 2024
Law

Judge Rejects Settlement for Carolina Panthers’ Failed $800M HQ

  • 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.
Construction site for Carolina Panthers facilities
Carolina Panthers

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. 

Steady Plans  

NFL owners approved an abundance of items on Wednesday related to the construction of new stadiums and upgrades of current ones.

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NFL Owners Pave Way for New Stadiums, Upgrades

NFL owners have approved items related to new stadiums and upgrades.
December 14, 2022

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.

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