COLUMBIA, S.C. (AP/QUEEN CITY NEWS) — A federal judge approved a bankruptcy settlement of about $100 million Friday over Carolina Panthers owner David Tepper’s failed plan to build a practice facility for his NFL team in South Carolina.
The deal will turn the land and the incomplete steel shell of what was supposed to have been the team’s new headquarters over to the City of Rock Hill. It’s estimated to be worth $20 million.
Tepper’s real estate company GT Real Estate Holdings will pay York County, which provided sales tax revenue for road improvements, $21 million, and $60 million will be split among the contractors who worked on the project.
Tepper and the Panthers abandoned the project earlier this year.
In a press release, GT Real Estate Holdings expressed satisfaction in the statement.
“From the outset, GTRE sought to ensure all legitimate claims were processed as fairly and quickly as possible and to achieve the project’s orderly and safe wind-down. We are pleased that the Court has approved our comprehensive plan of reorganization, which paves the way to resolve and satisfy GTRE’s creditor claims.”
GT Real Estate Holdings
All sides agreed to drop their current lawsuits and not file any other claims as part of the deal approved Friday by federal bankruptcy court Judge Karen Owens.
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Tepper, a billionaire hedge fund manager who is one of the NFL’s wealthiest owners, and the Panthers announced plans for an $800 million practice facility, team offices, sports medicine complex, hotels, and entertainment near Rock Hill in 2019.
Both local and South Carolina leaders cheered the investment, offering incentives and relishing getting a piece of the NFL team away from North Carolina and Charlotte, where the team plays its games about 25 miles away.