Panthers' Rock Hill project officially dead as Tepper's real estate company files for bankruptcy
The Carolina 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.
Tepper’s real estate company, GT Real Estate Holdings, said in a statement that it’s filed a court-led financial restructuring, which means there will be judicial oversight, to pave the way for a wind-down of the project.
Tepper stopped construction on the project in March. At a news conference in April, Tepper said the franchise would still support South Carolina through charity efforts.
"I'm just laughing about some people in the community, what they say about me. But no matter what they say about me, we will be there for the people of Rock Hill, supporting the community in different fashions," he said.
York County officials said in a statement Thursday that they believe the $21 million they’ve invested in the project will be returned in full with interest.
Rock Hill officials say they do not plan to make a statement until they’ve reviewed the bankruptcy filing.
Tepper has invested more than $175 million in the project, which is located about 25 miles south of the team’s current stadium and headquarters in Charlotte.
Correction: This story has been updated to report that Panthers owner David Tepper had a news conference in April. A previous version said the news conference was Wednesday.