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Carolina Panthers Owner Puts Real Estate Company in Bankruptcy

June 2, 2022, 6:50 PM

David Tepper, the billionaire who owns Carolina Panthers, put his real estate development company GT Real Estate Holdings LLC into bankruptcy to wind down its unfinished work building the NFL team’s new headquarters and practice facility and address vendors and contractors’ claims.

GT Real Estate will use the bankruptcy process to “address its legitimate creditor claims, as well as to preserve, protect and enhance” the 234-acre site in Rock Hill, S.C., according to a statement on its Chapter 11 filing late Wednesday.

“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.

The Rock Hill facility, still under construction, was designed to include a 120,000-square foot indoor practice facility, a 113,000-square foot multipurpose sports and entertainment venue, and outdoor practice fields, according to an October 2020 update from the team.

The filing, indicating assets and liabilities between $100 million and $500 million, comes after the company’s agreements with the City of Rock Hill were terminated earlier this year, the company said in the statement.

DT Sports Holding LLC has agreed to provide a $20 million loan for the company to conduct its Chapter 11 case, according to the statement.

The case is In re GT Real Estate Holdings LLC, Bankr. D. Del., No. 22-10505, petition filed 6/1/22.

To contact the reporter on this story: Alex Wolf in New York at awolf@bloomberglaw.com

To contact the editor responsible for this story: Roger Yu at ryu@bloomberglaw.com