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 ...
Is 800 million a decent price for a practice facility? Seems a bit high for me.
The NY Jets have a practice facility in New Jersey that was built as part of a major development that includes office buildings, hotels, and a residential subdivision.
Don't see why it should cost that much money though. Not sure where it is located but I think the area is pretty well connected so the roads shouldn't cost that much.
It was a lousy location to begin with. It’s blazin hot in the summer leading to opening day. The Panthers should have their practice facility in Beech Mountain, North Carolina. Average summer high temperature is around 73. Great practice weather. It’s a mile high, and the thinner air might give them an advantage at lower altitudes. Is that possible? Plus for the region some
Publicity. Denver, eat your heart out.
Another South Carolina ping list.
What a crock!
Owner taking a knee.
We’re heading into a great depression, and things like this will start happening all over. I’m sure his bean counters told him not to waste any more money into this project.
Billionaires don’t spend their own money.
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It was going to be an indoor facility.
Bills new stadium is going to cost over a billion.
Taxpayers will be paying half of that.
If not more.
What do the taxpayers get? The shaft?
At half a bil or more, that’s one mother of an expensive one.
Pretty much and the team remains where it is until the next request.
That facility is the only defense some have as to why they’re not called the North Carolina Panthers. They should be called the North Carolina Panthers instead of the Carolina Panthers because;
1. Both states became separate colonies in 1712.
2. NFL players pay taxes in the states they play in. I haven’t heard of any NFL players paying taxes here in SC from playing home games.
3. If they truly wanted to represent both states they should have built their stadium right on the border.There’s an amusement park called Carowinds which opened in 1973 that is in both states.
Whatever, the taxpayers will bail this out.
I never even thought of that. If they ever do the “build us a new stadium or we move” standard NFL team’s extortion just the taxpayers of North Carolina would have to pay the full amount. We here in SC can say sucks to be you.
Professional Sports Armageddon is coming.
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