Carolina Panthers owner to pay $82 million to creditors over abandoned practice facility project
Panther's practice facility plans were supposed to cost $800 million total
{{#rendered}} {{/rendered}}Carolina Panthers owner David Tepper’s real estate company has promised to pay more $82 million to creditors over an abandoned practice facility project in Rock Hill under a new plan proposed Thursday.
The plan would require approval from courts and creditors. The development of the Panthers’ state-of-the-art $800 million practice facility — which would have served as the NFL team's headquarters — fell apart after highly-publicized disputes between Tepper and the City of Rock Hill and York County.
GT Real Estate Holdings, a Delaware limited liability company, announced it has filed a comprehensive plan of reorganization in the U.S. Bankruptcy Court for the District of Delaware.
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Under the terms of the plan, GTRE would resolve claims by paying $60.5 million in cash funded into a settlement trust for the benefit of contractors, subcontractors and general unsecured creditors, $21.1 million to York County and $20 million or more to the City of Rock Hill.
Construction personnel work on the Carolina Panthers' practice facility Tuesday in Rock Hill, South Carolina. Panthers owner David Tepper’s real estate company has promised to pay more $82 million to creditors over an abandoned practice facility project in Rock Hill under a new plan proposed on Aug. 11, 2022. (AP Photo/Chris Carlson, File)
Earlier, DT Sports Holding, LLC, a Tepper entity, previously funded $20 million in debtor-in-possession financing.
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York County announced in June it was suing Tepper for at least $21 million.
Tepper invested more than $175 million into the half-built practice facility, which is located about 25 miles south of the team’s current downtown stadium and headquarters in Charlotte, North Carolina, before construction shut down.
{{#rendered}} {{/rendered}}"This plan reflects GTRE’s promise to expeditiously resolve all claims and make payments to its creditors, including to York County and the City of Rock Hill," according to a statement released by GT Real Estate Holdings. "GTRE now has a clear path to emerge from bankruptcy made possible by substantial commitments from DT Sports Holding, which has made available to GTRE more than $82 million in cash in an effort to bring this process to an orderly and equitable conclusion.
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"GTRE believes that the plan is in the best interests of its creditors and anticipates that a hearing to consider approval of the plan will occur in October of this year."