Home News York County responds after Panthers owner David Tepper’s real estate company files for bankruptcy over Rock Hill project

York County responds after Panthers owner David Tepper’s real estate company files for bankruptcy over Rock Hill project

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Charlotte, NC (WBTV)-GT Real Estate Holdings, LLC, Carolina Panthers billionaire owner and David Tepper real estate company, filed for bankruptcy in Delaware on Wednesday night.

GT Real Estate Holdings, LLC was founded in September 2019 in anticipation of Tepper’s Rockhill headquarters project, which began in 2020.

In april, they The contract has ended The City of Rockhill and WBTV have begun investigating and reviewing a public-private partnership with Tepper Sports & Entertainment. This raises questions about how often Tepper’s targets change.

With the submission of Chapter 11, the project is officially terminated.

Related: When hints about stadium refurbishment emerge, owners avoid asking questions about the Eastland, Rock Hill, and Uptown districts.

On Thursday, York County leaders issued a statement that the county government was listed as one of the creditors in the bankruptcy proceedings. In addition, GT Real Estate noted that it has signed a contract with the county to upgrade part of Mt. Gallant Road, which is adjacent to its headquarters.

“York County has donated $ 21 million to the Mount Gallant Project. We believe that these funds will be fully refunded with interest and that the county taxpayers will be protected.” “We are preparing for this action and fully expect positive results for our citizens.

Related: Panthers project bankruptcy filing means bad news for businesses

The county is one of the 17 creditors listed in. Bankruptcy filing, This is the latest sign of the turmoil on Minth Street. May 4th Nick Kelly, CEO of Tepper Sports & Entertainment, has resigned From his point of view. His departure was the day after the WBTV investigation into Tepper’s public-private partnership and its lack of progress.

May 31st, Charlotte FC coach Miguel Angel Ramirez fired During his first year and the team’s first season.

Related: A team of elected leaders and Tepper avoid questions about Rock Hill’s transaction collapse

“In recent weeks, GTRE has faced a variety of claims from vendors, contractors, and other third parties, including York County, South Carolina. Some are valid and some are not,” GTRE said. Said in the press release. “GTRE is taking this step to ensure that legitimate claims are processed as fairly and promptly as possible under the supervision of the court and to achieve an orderly and safe termination of the project. I’m going to settle my obligations. “

GTRE also announced that it has received a $ 20 million funding promise from DT Sports Holding, LLC, subject to court approval. This allows the company to address legitimate creditor claims, preserve, protect, and enhance the Rockhill site for the benefit of all stakeholders.

Who is driving and where are the questions? WBTV is trying to get the answer as hundreds of millions of dollars of taxpayers are running in both Carolinas.

Practice with Panthers Headquarters Rock Hill Facilities This is the best example of a public-private partnership that is not going according to plan.

WBTV will continue to update as more details become available.

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