Carolina Panthers owner's construction company to declare bankruptcy
Carolina Panthers owner David Tepper's construction company is declaring bankruptcy, according to TheAthletic.com. The NFL's richest owner has put his real estate company in a Chapter 11, filing for bankruptcy in a Delaware federal court.
Tepper's company, Tepper's GT Real Estate Holdings LLC, is thought to have some serious liabilities, with figures being reported between $100 million and $500 million.
Per @KaplanSportsBiz and me: Panthers owner David Tepper's real estate holdings company has filed for bankruptcy in DE over the Rock Hill project.
The real estate company is not a direct part of the NFL organization, though it was charged with developing a new home for the Carolina Panthers as well as practice facilities. The project has now been abandoned.
Tepper's company released a statement regarding the latest news which read:
“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, S.C. 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.”
Breaking: David Tepper's real estate company has filed for bankruptcy in Delaware. The Rock Hill project is over. A spokesperson says this will allow GTRE to process legitimate claims under court supervision. This does not impact the Panthers, Charlotte FC or David Tepper @wsoctv https://t.co/yac2vdGaI1
What does this mean for the Carolina Panthers?
Essentially, not much. The new practice facility project in Rock Hill that was going to cost $800 million, will be abandoned halfway through its completion.
Other than that, the franchise will keep things as they are with both the practice fields and the Bank of America Stadium. The reason for Tepper's new development for the team is simply because their current stadium is one of the oldest in the NFL and clearly the team wants new facilities.
It is thought that the Panthers and Tepper will look to redevelop their current facilities at the stadium if they are indeed going to continue their operations there.
Carolina aren't the first franchise to have looked at their practice facilities and found them lacking. In 2016 the Dallas Cowboys moved into their $1 billion facility at "The Star" and now have everything they could possibly need and more. Perhaps it was with this in mind that Carolina were looking to improve upon their current facilities.
#HardKnocks: The #DallasCowboys
Drone Tour of the Star, the Cowboys Campus #NFL via HBO https://t.co/XHiBWF4Bgp
Carolina were hoping for a new site for all their off-field personnel, but now that it has been scrapped, it is not known where the NFL franchise will go from here. We will have to see what the future has in store for Tepper and his organization.