Carolina Panthers settle lawsuit for 100M

A federal judge on Friday approved a bankruptcy settlement of about $100 million for Carolina Panthers owner David Tepper ‘s failed plan to build a practice facility for his NFL team in South Carolina. .

It was agreed to turn over the land and the incomplete steel structure of what was supposed to be the new headquarters of the team in the city of Rock Hill. He is 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 highway improvements, $21 million, and $60 million will be divided among contractors who worked on the project before it was released. abandoned earlier this year.

All parties have agreed to drop their current lawsuits and not file any other claims as part of the settlement approved Friday by federal bankruptcy court judge Karen Owens.

Tepper, a hedge fund manager who is one of the wealthiest owners in the NFL , 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 applauded the investment, offered incentives and relished having a piece of the NFL team away from North Carolina and Charlotte , where the Panthers play their games, about 25 miles (40 kilometers). away.

David Tepper and his company reached a compensation agreement with plaintiffs and the authorities, after canceling the million-dollar project PA
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But after less than two years, Tepper ‘s company abruptly went out of business.

York County Sheriff Kevin Tolson and District Attorney Kevin Brackett continue to investigate Tepper and his company to see if public money was misused on the project.

York County, which is separate from the sheriff, issued a statement after reaching an agreement with Tepper that said he and his company “have acted in good faith.”

GT Real Estate Holdings said in a statement that it wanted to make sure all claims were paid from the start.

“We are pleased that the court has approved our comprehensive plan of reorganization, which paves the way to resolve and satisfy the claims of GTRE’s creditors,” the statement read.

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