• Loading stock data...
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

Carolina Panthers Owner Being Investigated for Failed HQ Project

The Carolina Panthers and owner David Tepper continue to face issues.
December 2, 2022

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.

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

The ‘Big’ in Big 12 Could Soon Be Replaced With a Sponsor’s Name

Allstate is said to be in discussions about a deal with the Big 12.

Wimbledon’s Record $64M Prize Pool Spurs Tennis-Wide Pay Increase

The oldest of the tennis Grand Slams raises its prize fund to a record $64 million.

Paramount-Skydance Merger Off: Could Deal With WBD Be Revived?

Shari Redstone abruptly calls off potential merger discussions between the CBS Sports parent and Skydance Media.
podcast thumbnail mobile
Front Office Sports Today

Stanley Cup Final a Clash of Vastly Different Markets

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.

Where Will the Browns Play Next? Team Has Viable Stadium Options

Both the city of Cleveland and suburban Brook Park heighten their stadium pitches to the Browns.
June 3, 2024

Panthers Propose $800 Million in Bank of America Stadium Renovations

The Carolina Panthers would be on the hook for maintenance and overruns.
June 5, 2024

Kansas Makes Timely Play for Chiefs Stadium: Why It Could Happen

State legislative leaders publicly back consideration of funding for a new Chiefs stadium.
Sponsored

How HOKA is Reimagining the NIL Relationship

HOKA, the renowned athletic footwear and apparel brand, is betting on a new reality with NIL.
Jun 4, 2023; New York City, New York, USA; Exterior view of Citi Field prior to a Major League Baseball game between the New York Mets and the Toronto Blue Jays at Citi Field.
May 29, 2024

Mets Owner Steve Cohen’s Parking-Lot Casino Hopes Are Dying

The state senator announced she won’t introduce legislation required to advance the project.
May 28, 2024

‘Time Is Money’ for the Bears’ New Home. Now the Wait Is Even Longer

Illinois legislature set to adjourn spring session without considering the team’s funding request.
May 23, 2024

Selling Coliseum Site Is a ‘Headache Off of Oakland’s Plate’

The city announced plans to sell its stake for a minimum of $105 million.
May 21, 2024

Penn State’s $700M Plan Signals an Intensifying Facility Arms Race

Penn State trustees approve a $700 million renovation to Beaver Stadium.