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https://theathletic.com/3345348/2022/06/01/panthers-david-tepper-rock-hill-bankruptcy/?amp=1

Welp, this looks to be the final nail in this coffin, unless someone with LLC bankruptcy expertise can come to another conclusion.  But the last part of this quote I can’t quite figure out:

”In a statement, GT Real Estate (GTRE) said it has received a commitment for $20 million in financing from DT Sports Holding, LLC, subject to court approval, which will allow the company to fund a process to address its legitimate creditor claims, as well as to preserve, protect and enhance the Rock Hill site for the benefit of all stakeholders.”

What’s to preserve or enhance?

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4 hours ago, turbocraig said:

What’s to preserve or enhance?

There’s still  a large tract of right off the interstate that will be served by a new interchange. The land itself will still have considerable value even if Tepper scraps all the steel from the construction project.  There won’t be anything on it for awhile because Tepper has to spend time and money trying to force any unpaid contractors and lenders to take a haircut.  Real class act. 

Edited by RugbyPike#11
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On 5/10/2022 at 11:30 AM, J-Rob said:

Perhaps this has been discussed and I overlooked it somewhere, but I have an unfounded theory/proposal.  Tepper acknowledged they are researching upgrading BofA as a long-term solution.  If the report comes back that this is a feasible solution, couldn't they just build the practice facility, including soccer facilities, on the Pipe & Foundry land?  

With the addition of office, hotels, and an entertainment district, it would become a 365 day destination. Tepper might have to pay for more of it out of pocket, but he could also reap the benefits, too. If I was a billionaire, this is what I would try to do:

  1. Upgrade BofA as a long-term/permanent home
  2. Build a training facility and HQ on Pipe & Foundry land
    • Include soccer specific accommodations here
  3.  Develop office, hotel, and destination entertainment linking new facilities, BofA stadium, and Gateway Station

 

This type of destination would further cement Uptown Charlotte as the center of all things Carolina.

Of course, I am not a billionaire, sadly. lol

 

This seems like it could be a good idea but I’m not sure that the Pipe & Foundry Land has enough space (Acres) to host all of that (Office/Hotel/Training Facility).  I’m really bummed out about the Rock Hill Facility being scrapped.  Makes all of Carolina (North & South) look like total  losers.  It’s bad enough that all teams fielded (Major League) from the Carolinas actually have losing records, we could’ve at least been proud of a state of the art Training Facility and the tours/visits that the public could’ve indulged in.  

Not really liking how Tepper is operating - I know RH screwed up royally but why couldn’t Tepper Sports work out something with York County that was willing to try and clean up Rock Hills mess.  Now a Bankruptcy filing too, Damn this totally sucks……

Tepper gotta undertsand that he may be wealthy, good businessman but is $225 Million really worth the Burned Bridges and Bad Publicity?  SC Governor & Legislature will not forget this even if it is ‘Rock Hills Fault’.  Ultra-Conservative NC Legislature will point the finger at this debacle if asked for anything from Tepper.  This leaves only Mecklenburg County & City of Charlotte alone to have Tepper ‘turn the screws’ to them to fund whatever will become of the Stadium in the future or threaten Team Relocation.

The York County proposal would’ve helped some (maybe not resolved the entire $225M discrepancy but TS&E could’ve sought damages in court later on) but the Training Facility would be completed, that area growing from it, our local Teams more invested in the community and the NC Legislature possibly (years in the future) looking at that prior investment & growth in South Carolina saying that they want something similar in NC and maybe agreeing to help.  Tepper was too shrewd on this one - I think he made a short term decision that will turn out to be a Longterm mistake.  

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I don't think the SC government officials aren't without blame. Yeah Tepper have made some crazy moves but he's not alone. There's no PR job in place that can save the SC officials from their eff up. I don't buy the belief that the NC GA aren't going to help Tepper, the Panthers, or Charlotte FC with future projects if it's beneficial for the state.  NC is rapidly growing and changing so fast that this won't be as memorable for the NC government.  

Edited by kayman
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I'm really glad Tepper helped bring a MLS team to a city that had no real chance of one otherwise, but he seems like a disaster in almost every other way as an owner. I think it is reasonable to start being worried Charlotte could lose the Panthers. He has made it clear the desire for a new or massively renovated stadium with significant government funding, but this stunt south of the border isn't going to help that.

Anyone have more details on what happened with the rumored soccer HQ at the Eastland site?

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I'm really glad Tepper helped bring a MLS team to a city that had no real chance of one otherwise, but he seems like a disaster in almost every other way as an owner. I think it is reasonable to start being worried Charlotte could lose the Panthers. He has made it clear the desire for a new or massively renovated stadium with significant government funding, but this stunt south of the border isn't going to help that.
Anyone have more details on what happened with the rumored soccer HQ at the Eastland site?

As long as Charlotte or the County don’t overpromise something they cannot actually deliver (which is rather unlikely and honestly with the rock hill debacle in the media I doubt Charlotte would even dare make that mistake). I just don’t see how Charlotte could ever be in such a situation that would cause Tepper to do anything like this.
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On 6/2/2022 at 7:56 AM, KJHburg said:

all I can say if these contractors are not paid 100% of what they are owed why would anyone do any work for Tepper and his affiliated companies.  Coach and personnel firings on Mint St, bankruptcy on this real estate project.  what is going on with this organization?  And none of it makes Mr Tepper look good. 

This costed each South Carolinian $22.6 that could have been injected into other areas such as assistance for homeless and infrastructure improvements.  South Carolina will never get their money back from a bankruptcy. 

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4 hours ago, Mid South NC said:

Not so fast my friend,

Not all Major league teams fielded in Carolina have losing records. The Carolina Hurricanes are the Metro division champs, and were only eliminated (in game 7 ) from reaching the Eastern Conference finals (by a very hot team and mounting injuries), and with the best record actually would have had the home ice advantage the remainder of the playoffs. Just saying lol 

Love the Canes organization right now. But I'm really upset about that loss to the Rangers. I guess the whole "undefeated at home, winless on the road" thing wasn't ever going to be sustainable. Goes to show that we have a great culture for the Canes in NC though, that arena is rocking during home games.

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Read the Tepper bankruptcy filing here

https://drive.google.com/file/d/1lNRi83dnrCk0DCtmC_J_Lat81CQiGbFn/view

the Ledger had a good story about it all and it looks like many will not get paid but I guess we will see.   As I said this is a terrible for Mr Tepper and his whole organization and others including NC are watching.  Wonder if the construction costs just got out of hand but I still contend the best place given the dollars already spent is in Rock Hill and it seemed York County and the State were willing to work with them in spite of what city of Rock Hill did or did not do.  Now it will come in court filings and the dirty laundry he said they said will be exposed.  No one will come out unscathed. 

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2 hours ago, Urban Cowboy said:

Tepper is becoming a true North Carolinian. Hating South Carolina comes with the territory. 

I'm pretty sure all the NC'ers that flood coastal SC every summer and the countless NC-based companies dependent on the port of Charleston would beg to differ.

Seriously though, you think such an attitude is good for the region? I've always considered the congenial relationship between Charlotte and all of its suburbs to be a major advantage and point of distinction compared to metropolitan Atlanta. I enjoyed my time living there, but the not-so-infrequent clashes between the central city and its suburbs (especially in Cobb County) was something most folks could do without. 

And don't think that Tepper won't play hardball with Charlotte either. What he's done in Rock Hill is probably a shot across the bow to let Charlotte/NC know that if he doesn't get what he wants, he'll leave them holding the bag as well. 

 

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1 hour ago, krazeeboi said:

And don't think that Tepper won't play hardball with Charlotte either. What he's done in Rock Hill is probably a shot across the bow to let Charlotte/NC know that if he doesn't get what he wants, he'll leave them holding the bag as well. 

 

I don’t disagree with his determination to want things done his way, but Charlotte has always been willing to play ball (pardon pun) to make things happen.  On the flip side, I think this very public mess will, if anything, make CLT build in all kinds of protective mechanisms into any agreement to be sure that the city/county are not left holding any bags if things go south.  Damn, another pun.  Not intended…

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1 hour ago, krazeeboi said:

I'm pretty sure all the NC'ers that flood coastal SC every summer and the countless NC-based companies dependent on the port of Charleston would beg to differ.

Seriously though, you think such an attitude is good for the region? I've always considered the congenial relationship between Charlotte and all of its suburbs to be a major advantage and point of distinction compared to metropolitan Atlanta. I enjoyed my time living there, but the not-so-infrequent clashes between the central city and its suburbs (especially in Cobb County) was something most folks could do without. 

And don't think that Tepper won't play hardball with Charlotte either. What he's done in Rock Hill is probably a shot across the bow to let Charlotte/NC know that if he doesn't get what he wants, he'll leave them holding the bag as well. 

 

Isn't that extortion? 

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3 hours ago, krazeeboi said:

I'm pretty sure all the NC'ers that flood coastal SC every summer and the countless NC-based companies dependent on the port of Charleston would beg to differ.

Seriously though, you think such an attitude is good for the region? I've always considered the congenial relationship between Charlotte and all of its suburbs to be a major advantage and point of distinction compared to metropolitan Atlanta. I enjoyed my time living there, but the not-so-infrequent clashes between the central city and its suburbs (especially in Cobb County) was something most folks could do without. 

And don't think that Tepper won't play hardball with Charlotte either. What he's done in Rock Hill is probably a shot across the bow to let Charlotte/NC know that if he doesn't get what he wants, he'll leave them holding the bag as well. 

 

I don't know. I don't think Tepper had Charlotte in mind when Rock Hill came to the table empty handed. 

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Still trying to put all of the pieces of this puzzle together - mostly by reading the educated comments.  What still boggles my mind is how does a multi-BILLIONAIRE allow one of his subsidiaries go bankrupt?  Maybe my feeble mind doesn't think like that of a man with more money than god - but I don't get the concept.

You have the funding, but you let it go belly-up.  Sticking it to SC b/c they didn't live up to their side of the bargain doesn't seem prudent.

Don't lambaste me - like I said, just trying to get clarification on something that doesn't pass the smell test.

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