ROCK HILL, S.C. — GT Real Estate Holdings, David Tepper’s LLC, released a statement Tuesday saying that they have sent notices to the City of Rock Hill to terminate the construction agreement for the Carolina Panthers practice facility.
The announcement comes after construction was paused at the team’s new headquarters and facility at the beginning of March.
Initially, Rock Hill leaders argued that the city could not secure $225 million in bonds because the team didn’t provide the detailed development plans needed. Just a couple of weeks later, on March 28, the city council unanimously supported the York County Council’s resolution to help restart work on the Carolina Panthers project.
A GTRE spokesperson sent the following statement to WCCB Charlotte on April 19:
On February 26, 2021, the City of Rock Hill became delinquent on their obligation to fund the public infrastructure. Despite our persistent efforts throughout 2021, the City of Rock Hill failed to issue the bonds or provide the funding for the public infrastructure for the project.
On March 18, 2022, GTRE issued a default notice and the City did not cure its default within the prescribed 30-day cure period. It is unfortunate that some recently decided to conduct a misguided, destructive public relations campaign to obscure their failures.
We have sent notices to the City to formally terminate the previous agreements. Accordingly, we are prepared to sit down with the City and other interested parties to discuss the significant challenges ahead.
York County responded to the Panthers’ decision to terminate the contract:
It is disheartening to learn today that the Carolina Panthers have terminated their original agreements with the City of Rock Hill.
However, York County remains optimistic that this project can still move forward.
The Panthers have expressed a willingness to continue discussions with all parties involved and face the challenges ahead.
York County expresses that same willingness.