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Thursday, June 13, 2024

Panthers To Pay Back Money As Failed $800M HQ Saga Nears End

  • Plans for the facility included a 5,000-seat stadium and indoor practice center.
  • The project was halted when the city of Rock Hill, South Carolina missed a payment towards construction.
Carolina Panthers owner David Tepper watches from sideline while wearing sunglasses and hat
Bob Donnan-USA TODAY Sports

The dispute surrounding a failed $800 million team headquarters for the NFL’s Carolina Panthers in Rock Hill, South Carolina, may have finally come to an end. 

Panthers owner David Tepper and his development arm GT Real Estate have reached a $21 million settlement with Rock Hill’s York County over sales tax money allocated toward the project, which began construction in 2020 and was halted in March. 

  • Rock Hill had agreed to pay a portion of infrastructure costs for the facility.
  • Plans for the facility included a 5,000-seat stadium and indoor practice center.
  • The project was paused when Rock Hill missed a payment.
  • In November, Rock Hill agreed to its own $20 million settlement with GT Real Estate.

The settlement between York County, Tepper, and GT Real Estate follows an investigation by the York County’s sheriff’s office over the use of public money for the now-defunct project. It is unclear whether the settlement impacts the investigation, but county officials believe that the matter hasn’t been resolved, despite Tepper and GT Real Estate having “acted in good faith.”

Carolina Panthers owner David Tepper on sideline of NFL game

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Payment Plan 

GT Real Estate filed for bankruptcy in June after investing more than $170 million in the project.

Two months later, the development arm submitted a plan to the U.S. Bankruptcy Court to repay creditors and resolve all claims. GT Real Estate plans to put $60 million into a trust dedicated to paying back contractors and subcontractors, as well as $500,000 from the trust for unsecured claims.

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