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New documents reveal what could be next for failed Rock Hill Panthers practice facility

ROCK HILL, S.C. — More details have been released about what could happen with the failed Panthers practice facility site in Rock Hill.

According to court documents, at least two real estate investors have reached out to David Tepper’s real estate company about the property. The investors were not named and appear to be subject to non-disclosure agreements.

The documents also show GT Real Estate holdings is considering alternatives that include a possible redevelopment of the site by a third party, selling the company’s assets or liquidating the assets.

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Work on the practice facility stopped earlier this year.

Tepper Sports suspended construction after it said the city of Rock Hill failed to come through with funding for the project, so the company terminated the construction agreement.

GT Real Estate then filed for bankruptcy earlier in June.

A federal bankruptcy judge still must approve a final agreement about the property and debts. It’s unclear when that ruling will happen.

VIDEO: General contractor for failed practice facility says Tepper, Panthers should be liable

MBM, the general contractor hired to build the Panthers’ failed practice facility is fighting back.

The company said David Tepper and the Panthers should be liable for millions of dollars owed to them.

A federal court hearing about the bankruptcy was held on Wednesday.

During part of it, the attorney for the general contractor, MBM, asked questions and at times, suggested the Panthers and Tepper should be on the hook for millions owed to the company.

The general contractor said it’s owed nearly $80 million.

An attorney for MBM said that entities owned or controlled by Tepper and, in particular, the Panthers, may be liable for some of those financial obligations.

Attorneys also argued against a plan by GT Real Estate Holdings to use what’s called “debtor-in-possession financing.”

That means the company would use money from another Tepper entity to maintain the property while the bankruptcy is being sorted out.

In court, MBM disagreed, calling the plan an insider package.

The company’s attorney told a judge that GT Real Estate Holdings should seek loans from outside institutions like banks instead.

Meanwhile, York County has filed a lawsuit against Tepper Sports and the city of Rock Hill in an attempt to recoup the $21 million the county claims it is owed.

(WATCH BELOW: Newly released financial records show trouble behind Panthers’ failed Rock Hill facility)


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