Posted on 06/02/2022 8:11:06 PM PDT by MinorityRepublican
he 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.
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 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.
“In recent weeks, GTRE has been confronted with various claims, some valid and some not, from vendors, contractors and other third parties, including York County, SC," GT Real Estate Holdings said in a statement. "GTRE is taking this action to ensure legitimate claims are processed as fairly and expeditiously as possible under a court supervised process, and to achieve the project’s orderly and safe wind-down. GTRE intends to resolve its legitimate obligations.”
(Excerpt) Read more at spectrumlocalnews.com ...
David Tepper is worth 16.7 billion. They already have a nice stadium in uptown Charlotte that was recently renovated.
Charlotte should tell Tepper to "shove it". Owners need to quit blackmailing cities to build them new stadiums.
It costs an average of $253 for a group of four people to attend an MLB game in 2021.
The Panthers owner got a sweetheart subsidy deal and the city screwed him over when they realized they got fleeced. A lot of lawyers will get rich off this.
A deal is a deal. Even if it's a bad one.
I live here and the city was hoping and planning for the same thing.
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