South Carolina County Sues Panther Owner David Tepper’s Companies for $21 Million – Carolina Panthers Blog

CHARLOTTE, NC – Companies linked to Carolina Panthers owner David Tepper are being sued for more than $21 million by York County for “improperly used” money South Carolina county spent building infrastructure around the site that was supposed to be headquarters New to the team – a recently completed project.

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

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

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

The project was initially halted on March 7 after the Tepper Companies alleged that Rock Hill did not deliver the promised $225 million in bonds for the infrastructure.

The lawsuit refers to the failed facility as a “trivial enterprise.” It alleged that the Tepper Companies embezzled $21 million in Penny Tax revenue to expand Mount Gallant Road between Dave Lyle Boulevard and Anderson Road.

“Based on information and belief, none of Penny Tax’s funds went for their intended purpose,” the lawsuit said.

The suit alleged that York County was “harmed” by the meltdown between Tipper and Rock Hill.

“Defendants directed Tepper to embezzle $21 million of legally restricted public funds and public funds from its stated purpose, the expansion of a road in York County, and improperly use such funds for the failed Vanity Project, Carolina Panthers headquarters and practice facility,” the lawsuit stated. “Instead of covering the bloated project budget themselves, the Tepper defendants took money from York County and its taxpayers.”

Therefore, the county is seeking to repay $21 million plus interest and other costs, including foregone tax revenue, economic benefits, damages (actual, typical and punitive), increased construction costs and attorneys’ fees.

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

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