Carolina Panthers offer to pay $82 million for practice facility failure
ROCK HILL, SC (AP) — The real estate company of Carolina Panthers owner David Tepper has offered to pay more than $82 million to creditors for a proposed abandoned practice facility in Rock Hill as part of a a new plan proposed on Thursday.
The plan would require court and creditor approval. Development of the Panthers’ $800million state-of-the-art training facility – which would have served as the team’s new headquarters – has collapsed after high-profile disputes between Tepper and the town of Rock Hill and York County .
GT Real Estate Holdings, a Delaware limited liability company, announced that it has filed a comprehensive plan of reorganization with the United States Bankruptcy Court for the District of Delaware.
Under the terms of the plan, GTRE would resolve the claims by paying $60.5 million in cash funded into a settlement trust for the benefit of contractors, subcontractors and general unsecured creditors, $21.1 million to the county of York 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’s real estate company, GTRE, filed for Chapter 11 bankruptcy on June 2. York County announced days later that it was suing Tepper for at least $21 million.
Among the Tepper companies named in the York County lawsuit are DT Sports Holding, LLC, Appaloosa Management LP and Tepper Sports Holding, Inc. York County officials previously said they have filed a lawsuit to protect the county and its ratepayers and recover damages caused by defendants.
The lawsuit says Tepper and his companies took $21 million from a special sales tax to widen a road in York County and used the money for what county attorneys called a “vanity project.” missed”.
Tepper is one of the richest owners in the NFL. He invested more than $175 million in the half-built practice facility, located about 25 miles south of the current downtown stadium and team headquarters in Charlotte, North Carolina, before stopping construction.
“This plan reflects GTRE’s promise to promptly resolve all claims and make payments to its creditors, including York County and the City of Rock Hill,” according to a statement released by GT Real Estate Holdings. “GTRE now has a clear path out of bankruptcy made possible by substantial commitments from DT Sports Holding, which has made available to GTRE more than $82 million in cash in an effort to bring this process to an orderly conclusion. and fair.
“GTRE believes the plan is in the best interest of its creditors and expects a hearing to consider approval of the plan to take place in October this year.”
The Associated Press contacted city of Rock Hill and York County officials, but neither responded to the proposed plan.
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