Advertisement

Panthers’ practice facility dead after Chapter 11 filing

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)
Published: Jun. 2, 2022 at 9:27 AM EDT
Email This Link
Share on Pinterest
Share on LinkedIn

(AP) - 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.

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.

Copyright 2022 The Associated Press. All rights reserved.