Road funding

David Tepper’s real estate company files for bankruptcy, ending the team’s Rock Hill project

The Carolina Panthers’ pursuit of a new headquarters in Rock Hill, South Carolina appears to have come to a bitter end, as David Tepper’s real estate company, GT Real Estate Holdings, LLC filed for Chapter 11 bankruptcy in Delaware according to an announcement made by the company on Wednesday evening.

The Panthers opened the facility in 2020 but ran into roadblocks after Tepper Sports claimed the City of Rock Hill failed to meet its financial obligations. The City of Rock Hill claimed to have fulfilled its end of the contract, and the two parties could not reach an agreement to keep the project going. After a series of unsuccessful negotiations to proceed with construction of the new headquarters, Tepper terminated the project.

Here are some excerpts from Jonathan M. Alexander’s story at The Observer (emphasis mine):

The filing officially ends the Panthers’ pursuit of a headquarters in Rock Hill, South Carolina, and comes just over a month after its agreement with the city of Rock Hill to build the 240 acre property. The Panthers, Charlotte FC and Tepper Sports & Entertainment will not be affected by the case. The company insists that these organizations will operate without interruption.

“In recent weeks, GTRE has faced a variety of claims, some valid and some not, from suppliers, contractors and other third parties, including York County, SC,” the company said. in a press release. “GTRE is taking this action to ensure that legitimate claims are dealt with as fairly and expeditiously as possible through a court-supervised process, and to bring about the orderly and safe end of the project. GTRE intends to resolve its legitimate obligations.

While the project in Rock Hill is now officially dead, the team will likely try to find another location for a new headquarters in the future.

What do you think of all this, Panthers fans? Let’s listen to your thoughts.