Panthers owner David Tepper has reportedly filed for bankruptcy
Panthers owner David Tepper, the league’s wealthiest owner, has filed for Chapter 11 bankruptcy through his company, GT Real Estate Holdings LLC, according to a report by Joseph Person and Daniel Kaplan of Athleticism.
According to the report, Tepper’s real estate company has gone bankrupt following problems with the team’s planned new facility for Rock Hill, SC
GT Real Estate Holdings LLC had liabilities between $100 million and $500 million, assets between $100 million and $500 million, and up to 49 creditors.
By filing for Chapter 11 bankruptcy, the real estate company will now begin a court-ordered process to pay its creditors. GT Real Estate said the company received $20 million in funding from DT Sports Holding LLC, which would allow the company to begin addressing its claims from creditors and provide hope for the Rock Hill site. . Funding is subject to court approval.
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Since GT Real Estate is a separate entity and is in no way related to the Panthers, an NFL spokesperson said Athleticism that the league does not anticipate any issues related to Tepper filing for bankruptcy for his business.
“GTRE is not part of the club’s ownership group. GTRE does not own any football-related assets, and no football-related assets have been pledged in any way for costs incurred to date or for any remaining obligations,” a GTRE spokesperson said. league.
Until the Rock Hill project is somehow resolved, the Panthers will continue to train and play in Charlotte at Bank of America Stadium, which is one of the oldest stadiums in the city. league.
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