The Carolina Panthers’ pursuit of a new headquarters in Rock Hill, S.C. seems to have come to a bitter end, as David Tepper’s real estate company GT Real Estate Holdings, LLC has filed for Chapter 11 bankruptcy in Delaware according to an announcement made by the company on Wednesday night.
The Panthers broke ground on the facility in 2020, but ran into roadblocks after Tepper Sports claimed the city of Rock Hill had not met their financial obligations. The city of Rock Hill claimed they did hold up their end of the deal, and the two sides could not come to an agreement to keep the project going. After a series of failed negotiations to continue construction of the new headquarters, Tepper terminated the project.
Here are a few snippets from Jonathan M. Alexander’s story at The Observer (emphasis mine):
That filing officially ends the Panthers’ pursuit of a headquarters in Rock Hill, S.C., and comes a little more than a month after it ended its agreement with the City of Rock Hill over the construction of the 240-acre property. The Panthers, Charlotte FC, and Tepper Sports & Entertainment will be unaffected by the filing. The company insists those organizations will operate uninterrupted.
“In recent weeks, GTRE has been confronted with various claims, some valid and some not, from vendors, contractors and other third parties, including York County, SC,” the company said in a statement. “GTRE is taking this action to ensure legitimate claims are processed as fairly and expeditiously as possible under a court-supervised process, and to achieve the project’s orderly and safe wind-down. GTRE intends to resolve its legitimate obligations.”
While the project in Rock Hill is now officially dead, the team will probably try to find an alternate location for a new headquarters in the future.
What do you make of all this, Panthers fans? Let’s hear your thoughts.