A federal judge has approved the bankruptcy plan for the Carolina Panthers’ failed headquarters project that calls for the team's billionaire owner to pay tens of millions to creditors, ending a saga that began in March over a dispute between the project developer and the city of Rock Hill, South Carolina in which the developer alleged that Rock Hill had reneged on a promise to issue more than $200 million in bonds to finance the peroject.
Judge Karen Owens of U.S. Bankruptcy Court for the District of Delaware approved the Chapter 11 reorganization plan for GT Real Estate Holdings, according to court documents. David Tepper, the billionaire owner of the NFL’s Panthers, formed GT Real Estate to lead the $800 million development project.
Under terms of the plan, Tepper’s company will pay $60 million to the general contractor and other creditors who filed bankruptcy claims. GT Real Estate will also pay $21 million to York County, South Carolina, where the project is located, to cover the county’s financial contribution to the project. Tepper’s company will transfer the 245-acre property’s title to the city of Rock Hill, South Carolina.
The unfinished development sits on Interstate 77 about 25 miles south of Charlotte, North Carolina, where the Panthers play their home games. GT Real Estate listed the property for sale in October. The project was intended to serve as the Panthers’ headquarters office and team training facility, including practice fields with seating for spectators.
Tepper, a hedge fund investor and the NFL’s second-richest owner, halted construction in March and filed for bankruptcy in June, claiming that Rock Hill reneged on a promise to issue $225 million in bonds to finance construction. Rock Hill argued that it was never required to issue the bonds.
For the Record
Rob Speir and Lawrence Shaw at Colliers are listing agents for the Panthers’ development site.