Panthers propose to pay $82M over failed practice facility

Published: Aug. 12, 2022 at 5:33 AM EDT
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ROCK HILL, S.C. (AP) — Carolina Panthers owner David Tepper’s real estate company has proposed to pay more than $82 million to creditors over an abandoned $800 million practice facility project in Rock Hill, South Carolina.

Tepper’s company GT Real Estate Holdings filed for Chapter 11 bankruptcy in Delaware on June 2.

Under this plan, GTRE would resolve claims by paying $60.5 million in cash funded into a settlement trust for contractors and others, $21.1 million to York County and $20 million or more to the city of Rock Hill. DT Sports Holding, LLC, a Tepper entity, previously funded $20 million in debtor-in-possession financing.

Tepper, one of the NFL’s richest owners, had invested more than $175 million in the half-built facility. The plan requires approval from courts and creditors.

FILE - Construction personnel work on the Carolina Panthers' team headquarters and practice...
FILE - Construction personnel work on the Carolina Panthers' team headquarters and practice facility Aug. 24, 2021, in Rock Hill, S.C. The Panthers' proposed $800 million practice facility project in Rock Hill is officially dead after team owner David Tepper’s real estate company filed for Chapter 11 bankruptcy protection in Delaware on Wednesday night, June 1, 2022. (AP Photo/Chris Carlson, File)(Chris Carlson | AP)
GT Real Estate Holdings, LLC was created in September 2019 in anticipation of Tepper’s Rock...
GT Real Estate Holdings, LLC was created in September 2019 in anticipation of Tepper’s Rock Hill headquarters project which began in 2020.(Source: WBTV Sky 3 file photo)

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