Panthers settle $100 million lawsuit but owner David Tepper still under investigation by York County
Carolina Panthers owner David Tepper took a massive loss this week after a federal judge signed off on a bankruptcy settlement of about $100 million.
Tepper had planned to construct a practice facility for the Panthers in South Carolina, but the plan failed.
The settlement will now turn the land and the incomplete steel shell of what was supposed to be the franchise's new headquarters over to the city of Rock Hill, South Carolina. The structure is estimated to be worth $20 million.
The York County Sheriff's Office and its lawyer are still investigating Tepper and his company to see if public funds were misappropriated for the project.
Tepper's real estate company, GT Real Estate Holdings, will pay York County $21 million. An additional $60 million will be divided among the contractors who were on the project prior to it being deserted earlier this year.
Fancy betting? The Panthers are marginal favorites to beat the banged-up Steelers in Week 15.
York County, which is separate from the sheriff's office, released a statement after reaching its deal with the Carolina owner. The county noted that Tepper and his company "have acted in good faith." They also feel that no action of any sort with respect to the county's payment is necessary as thing stand.
Both parties agreed to drop their current lawsuits and not file any other petitions as part of the agreement approved by the judge.
In 2019, Tepper and the Panthers announced plans for an $800 million practice facility, team offices, sports medicine complex, hotels, and entertainment near Rock Hill.
Both locals and leaders in South Carolina applauded the investment, which would offer several perks, and enjoyed getting a part of the NFL franchise away from North Carolina. The team play their games about 25 miles away from the city of Charlotte,
When did David Tepper buy the Carolina Panthers and what is his net worth?
David Tepper purchased the Panthers in July 2018 for $2.275 billion from the previous owner, Jerry Richardson. According to Forbes, Tepper has a net worth of $11.4 billion, which is fifth among hedge fund billionaires. However, he was supplanted as the NFL's richest owner earlier this year.
The Carolina Panthers owner was replaced by Rob Walton, who leads the ownership group that bought the Denver Broncos.
In June, Walton and the ownership group bought the Broncos for a record $4.65 billion. Walton, the heir to Walmart, has a net worth of $58.2 billion.