Panthers owner David Tepper’s real estate firm, GT Real Estate Holdings LLC, has filed for Chapter 11 bankruptcy, according to a report from Joseph Person and Daniel Kaplan of The Athletic.
Per the report, Tepper’s real estate company went bankrupt following the issues related to the team’s new facility slated for Rock Hill, S.C.
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 Chapter 11 bankruptcy, the real estate company will now begin a court-ordered process of paying its creditors. GT Real Estate has said that the company has received $20 million in financing from DT Sports Holding LLC, which would allow the company to begin to address its creditor claims and give hope to the Rock Hill site. The financing is subject to court approval.
Since GT Real Estate is a separate entity and is not linked to the Panthers in any way, an NFL spokesman told The Athletic that the league is not anticipating any issues related to Tepper’s bankruptcy filing for his company.
“GTRE is not part of the club’s ownership group. GTRE does not own any football-related assets, nor have any football-related assets been pledged in any way toward the costs incurred to date or any remaining obligations,” a league spokesman said.
Until the Rock Hill project is resolved one way or another, the Panthers will continue practicing and playing in Charlotte at Bank of America Stadium, which is one of the league’s oldest stadiums.
Editors’ note, June 2 at 1:38 p.m.: An earlier version of the headline stated that Tepper had filed for bankruptcy. In fact, his real estate firm, GT Real Estate Holdings LLC, has filed for bankruptcy, not Tepper himself.
