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David Tepper plans to sell Rock Hill team HQ site, pay back creditors, company says

The company plans to offer more about $82 million to repay contractors and the York County government.

CHARLOTTE, N.C. — GT Real Estate, one of multiple companies owned by Carolina Panthers owner David Tepper, submitted a plan to pay back creditors in the failed Rock Hill Panthers HQ project.  

Under a reorganization plan submitted in court on Thursday morning, Tepper's other company, DT Sports Holding, will make $82 million available in cash under a Plan Sponsor Agreement with GT Real Estate. 

The plan includes paying contractors who worked on the site $60.5 million, as well as paying York County $21.165 million.

Additionally, GT Real Estate plans to sell the site of the Panthers HQ project in Rock Hill to pay the City of Rock Hill at least $20 million from the available net proceeds after handling clean-up and senior claims. A GT Real Estate spokesperson did not say how much the site will be listed for. 

The plan is pending court approval. 

PREVIOUSLY: Rock Hill asks judge to dismiss allegations in York County lawsuit over Panthers team HQ

If approved by the court, $60.5 million would go into a settlement trust for the benefit of contractors, subcontractors, and creditors, while more than $21 million in cash will be set aside to reimburse York County. 

Read GT Real Estate's full news release below:

PREVIOUSLY: Future of Rock Hill Panthers site uncertain as team prepares for training camp in Spartanburg

Thursday's news release included the following statement from the company:

"This Plan reflects GTRE’s promise to expeditiously resolve all claims and make payments to its creditors, including to York County and the City of Rock Hill. GTRE now has a clear path to emerge from bankruptcy made possible by substantial commitments from DT Sports Holding, which has made available to GTRE more than $82 million in cash in an effort to bring this process to an orderly and equitable conclusion. GTRE believes that the Plan is in the best interests of its creditors and anticipates that a hearing to consider approval of the Plan will occur in October of this year.”

PREVIOUSLY: Panthers project fallout continues as Tepper company files complaint against York County

WCNC Charlotte reporter Indira Eskieva has reached out to both York County and the city of Rock Hill for comment. We are also reviewing the nearly 100-page bankruptcy filing to gather more information.

Stay tuned for updates on this developing story.

Contact Indira Eskieva at ieskieva@wcnc.com and follow her on FacebookTwitter and Instagram.

WCNC Charlotte is always asking "where's the money?" If you need help, reach out to WCNC Charlotte by emailing money@wcnc.com.

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