Panthers practice facility project dead after bankruptcy filing

Tepper
Panthers Owner David Tepper Photo credit USA Today Images

(From The Associated Press) The Carolina Panthers’ proposed $800 million practice facility project in Rock Hill, South Carolina, is officially dead after team owner David Tepper’s real estate company filed for Chapter 11 bankruptcy protection in Delaware on Wednesday night.

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Tepper, who made billions in hedge funds, is the NFL’s wealthiest owner. The filing will not affect the NFL’s Panthers or Major League Soccer’s Charlotte FC in any way. It’s unclear at this point what will happen to the half-built practice facility.

Tepper has invested more than $175 million into the facility, which is located about 25 miles south of the team’s current downtown stadium and headquarters in Charlotte, North Carolina.

GT Real Estate Holdings, LLC (GTRE), a Delaware limited liability company, announced to The Associated Press in a statement late Wednesday night that is has begun a court-led financial restructuring process in Delaware to effect an orderly wind-down of the project. The action follows the termination and rescission of the agreements with the City of Rock Hill that related to the project, which GTRE previously announced.

GTRE also announced that it has received a commitment for $20 million in financing from DT Sports Holding, LLC, subject to court approval, which will allow the company to fund a process to address its legitimate creditor claims, as well as to preserve, protect and enhance the Rock Hill site for the benefit of all stakeholders.