South Carolina County is suing Panthers owner David Teppers’ companies for $ 21 million

This post contains affiliate links. “As an Amazon Associate I earn from qualifying purchases.”

CHARLOTTE, NC – Companies affiliated with Carolina Panthers owner David Tepper are being sued for more than $ 21 million by York County for “improperly utilized” funds that South Carolina County used to build infrastructure around the site of what was to be be the team’s new headquarters – a project that was recently completed.

The town of Rock Hill, where the facility was built, was also included in the suit along with Tepper’s Appaloosa Management LP, DT Sports Holding LLC and Tepper Sports Inc.

The lawsuit, filed late Thursday, comes less than a month after the project was canceled, and Tepper’s real estate company, GT Real Estate Holdings, filed for Chapter 11 bankruptcy on the project, which is estimated to cost $ 800 million.

Carpets, the NFL’s richest owner, with a net worth of $ 16.7 billion, according to Forbes magazine, had already spent more than $ 175 million on the 240-acre project in Rock Hill, which was announced in 2019.

The project was initially put on hold on March 7 after Tepper’s companies claimed Rock Hill had not come up with the promised $ 225 million in infrastructure bonds.

The trial refers to the failed facility as a “vanity project.” It claimed that Tepper’s companies were wrongfully appropriating the $ 21 million from Penny Tax revenue for the expansion of the Mount Gallant road between Dave Lyle Boulevard and Anderson Road.

“By information and belief, none of the Penny Tax Funds went to the intended purpose,” the case said.

The case alleged that York County had been “damaged” by the collapse of Tepper’s company and Rock Hill.

“Carpet Defendants unlawfully appropriated $ 21 million in statutory limited public funds from their stated purpose, widening a York County roadway and misappropriated those funds on their failed vanity project, Carolina Panthers’ headquarters and rehearsal facility,” it said. in the case. “Instead of covering the balloon project’s budget themselves, the Tepper defendants took money from York County and its taxpayers.”

For that, the county is seeking reimbursement of the $ 21 million plus interest and other costs, including lost tax revenue and economic benefits, damages (actual, exemplary and punitive), increased construction costs and attorneys’ fees.

The Panthers did not immediately respond to requests for comment from Tepper or his management team.

Source link

Similar Posts