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TigerintheNO
LSU Fan
New Orleans
Member since Jan 2004
39382 posts

Tepper's (Panthers Owner) company has declared bankruptcy- new practice facility dead

quote:

The Carolina Panthers' proposed $800 million practice facility project in Rock Hill, South Carolina, is officially dead after team owner David Tepper’s real estate company filed for Chapter 11 bankruptcy protection in Delaware on Wednesday night.

Tepper, who made billions in hedge funds, is the NFL’s wealthiest owner. The filing will not affect the NFL’s Panthers or Major League Soccer’s Charlotte FC in any way.

It’s unclear at this point what will happen to the half-built practice facility.

Tepper has invested more than $175 million into the facility, which is located about 25 miles south of the team’s current downtown stadium and headquarters in Charlotte, North Carolina


quote:

The bankruptcy ends a bitter back-and-forth public disagreement between Tepper and the city of Rock Hill.

Tepper’s company said it negotiated with the city for more than a year, warning them in March they had 30 days or the Panthers would pull out. They said in a statement in April that is “unfortunate that some recently decided to conduct a misguided, destructive public relations campaign to obscure their failures.”

Rock Hill officials responded to the announcement, saying the Panthers' announcement was “misleading and erroneous” and that they embraced the Panthers, welcomed their headquarters to South Carolina and “did everything to make this project a success and has not defaulted on any of our obligations.”




Walking away after spending $175 MM


50_Tiger
New Orleans Pelicans Fan
Dallas TX
Member since Jan 2016
36526 posts

re: Tepper's (Panthers Owner) company has declared bankruptcy- new practice facility dead
So what happens to the current undone structure???


shel311
New Orleans Pelicans Fan
McKinney, Texas
Member since Aug 2004
100141 posts

re: Tepper's (Panthers Owner) company has declared bankruptcy- new practice facility dead
quote:

The filing will not affect the NFL’s Panthers or Major League Soccer’s Charlotte FC in any way.
quote:

The Carolina Panthers' proposed $800 million practice facility project in Rock Hill, South Carolina, is officially dead


Monday
LSU Fan
Prairieville
Member since Mar 2013
4914 posts

re: Tepper's (Panthers Owner) company has declared bankruptcy- new practice facility dead
Time to return the truck nuts


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110
LSUFanHouston
LSU Fan
NOLA
Member since Jul 2009
32472 posts

re: Tepper's (Panthers Owner) company has declared bankruptcy- new practice facility dead
800M for a practice facility / HQ

Wasn't that long ago you could build an NFL stadium for 800M.


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470
Baers Foot
LA-Lafayette Fan
Louisiana Ragin' Cajuns
Member since Dec 2011
3266 posts

re: Tepper's (Panthers Owner) company has declared bankruptcy- new practice facility dead
LINK

Looks like city of Rock Hill wasn't going to be strongarmed into spending taxpayer dollars on a multi-billionaire's project.


TigerintheNO
LSU Fan
New Orleans
Member since Jan 2004
39382 posts

re: Tepper's (Panthers Owner) company has declared bankruptcy- new practice facility dead
quote:

It’s unclear at this point what will happen to the half-built practice facility.


theGarnetWay
South Carolina Fan
Washington, D.C.
Member since Mar 2010
24667 posts

re: Tepper's (Panthers Owner) company has declared bankruptcy- new practice facility dead
quote:

Looks like city of Rock Hill wasn't going to be strongarmed into spending taxpayer dollars on a multi-billionaire's project.


Part true. From what I understand, which isn’t much, Rock Hill had agreed to a massive tax incentive package for the Panthers and intended on following through.

There were apparently delays and miscommunication about the project and then finger pointing about the bond dates.

LINK



ShaneTheLegLechler
Houston Astros Fan
Member since Dec 2011
57233 posts

re: Tepper's (Panthers Owner) company has declared bankruptcy- new practice facility dead
Yeah if it’s stopping construction of your practice facility it most definitely affects the NFL’s Panthers


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51
GetCocky11
South Carolina Fan
Truth or Consequences, NM
Member since Oct 2012
48187 posts

re: Tepper's (Panthers Owner) company has declared bankruptcy- new practice facility dead
Tepper is turning out to be kind of a shitty owner


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tigerpimpbot
LA-Monroe Fan
Chairman of the Pool Board
Member since Nov 2011
64843 posts

re: Tepper's (Panthers Owner) company has declared bankruptcy- new practice facility dead
All kinds of abandoned shite in that area. That practice facility is probably pretty close to Heritage USA which is in or close to Rock Hill IIRC


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01
Diseasefreeforall
Miami (FL) Fan
St Clair Co
Member since Oct 2012
4259 posts

re: Tepper's (Panthers Owner) company has declared bankruptcy- new practice facility dead
quote:

It’s unclear at this point what will happen to the half-built practice facility.

Odds are the two sides will come together and try to hammer out a new deal acceptable to both.


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30
Trout Bandit
LSU Fan
Baton Rouge, LA
Member since Dec 2012
11982 posts

re: Tepper's (Panthers Owner) company has declared bankruptcy- new practice facility dead
Rock Hill is way too nice of a place for the Panthers.


UAinSOUTHAL
Alabama Fan
Mobile,AL
Member since Dec 2012
4573 posts

re: Tepper's (Panthers Owner) company has declared bankruptcy- new practice facility dead
That pic is almost a year old I wonder how much more completed it is now???


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LSUMJ
LSU Fan
BR
Member since Sep 2004
19359 posts

re: Tepper's (Panthers Owner) company has declared bankruptcy- new practice facility dead
They fired their soccer coach 2 days in the midst of their expansion season when they are playing well
Very weird all around


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Mrwhodat
New Orleans Saints Fan
Member since Dec 2015
10296 posts

re: Tepper's (Panthers Owner) company has declared bankruptcy- new practice facility dead
quote:

So what happens to the current undone structure???

Torn down and shipped off to China.


UAinSOUTHAL
Alabama Fan
Mobile,AL
Member since Dec 2012
4573 posts

re: Tepper's (Panthers Owner) company has declared bankruptcy- new practice facility dead
Latest pic I can find from Nov 2021. Building looks to be 1/2 done. They have already started on some interior finishings. Construction was stopped 3/7/2022.



This post was edited on 6/2 at 11:46 am


Weekend Warrior79
LSU Fan
Member since Aug 2014
12759 posts

re: Tepper's (Panthers Owner) company has declared bankruptcy- new practice facility dead
Does it not rain in that part of the country? Would be a pretty shitty design to spend $800M and not have a decently sized indoor facility included


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23
Soda City Spur
South Carolina Fan
Lugoff
Member since Mar 2017
810 posts

re: Tepper's (Panthers Owner) company has declared bankruptcy- new practice facility dead
quote:

finger pointing about the bond dates.
didn't Rock Hill admit they were like 80 mil short on their end of the deal because they couldn't issue enough bonds?

edit - nvm you provided a good link
This post was edited on 6/2 at 12:27 pm


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Tbonepatron
LSU Fan
Member since Aug 2013
8061 posts

re: Tepper's (Panthers Owner) company has declared bankruptcy- new practice facility dead


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