COLUMBIA, SC (AP) — A federal judge on Friday approved a bankruptcy settlement of approximately $100 million for Carolina Panthers owner David Tepper’s botched plan to build a practice facility for the team in South Carolina.
The deal includes the delivery to the City of Rock Hill of the land and unfinished steel structure of what was to be the team’s new headquarters estimated to be worth $20 million.
Tepper’s real estate company, GT Real Estate Holdings, will make payments to York County, which provided the sales tax proceeds for highway improvements, $21 million, with $60 million to be divided among the contractors who worked on the project before it was abandoned earlier this year.
All parties agreed to drop their lawsuits and file no other claims as part of the settlement approved Friday by federal bankruptcy judge Karen Owens.
Tepper, a hedge fund manager who is one of the wealthiest owners in the NFL, as well as the Panthers had announced a plan to build an $800 million training facility, which would have included team offices, a medical complex, hotels and entertainment near Rock Hill in 2019.
South Carolina and local leaders have backed the investment and offered encouraging incentives to have a piece of the NFL team away from North Carolina and Charlotte, where the team plays its games approximately 25 miles (40 kilometers) apart.
But after less than two years, Tepper’s company pulled 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 has been misused for the project.
York County, which is separate from the sheriff, issued a statement after Tepper’s settlement was reached, saying the Panthers owner and his company acted in good faith and the county “believes no action is justified in respect of reimbursement to the county”.
GT Real Estate Holdings said in a statement that it wanted to make sure all legitimate claims were paid from the outset.
