David Tepper, the richest team owner in the NFL, had one of his real estate companies declare bankruptcy for a planned Carolina Panthers practice facility in Rock Hill, South Carolina.
DT Sports Holding LLC will provide $20 million in interim financing to GT Real Estate Holdings, LLC as the company winds its way through bankruptcy. DT Sports Holding LLC was formerly known as DT Panthers Holding LLC.
Last year David Tepper co-founded Andalusian Private Capital to invest in sports related entities. That would be a heck of a note if Tepper's real estate company sold the distressed practice facility asset to Andalusian, Tepper's private equity underwriter (PEU). Andalusion has nearly $1 billion in assets under management.
Milking government wallets is a longstanding NFL and PEU play. Will Tepper do his best to stiff Rock Hill taxpayers in any distressed asset sale? Likely, he has the deep pockets and corporate control to do it.
Update 6-3-22: WBTV3 reported "taxpayer investments already made are at risk. More than $80 million of state and federal tax dollars was committed to the new I-77 exit 81 project currently under construction. York County taxpayer money is also on the line. Bankruptcy records show York County is owed $21 million of taxpayer money for funds from the Pennies for Projects revenue stream that were committed to construction on Mount Gallant Rd."
“There were never going to realistically be concerts played here. There were never going to be big events here,” Dr. Victor Matheson told WBTV.
Matheson studies the economic impact of publicly funded sports projects and has been questioning the public investments from the start.
“Almost certainly that always leads to tears, and this is exactly what we’ve got here,” Matheson said.
Update 12-31-23: David Tepper threw a drink on a Jaguars football fan. The NFL is aware of the video. Tepper is "completely untouchable as a person of his financial and social stature."
A story went on to say, "When
you’re this wealthy in America, this is, sadly, one of the perks
afforded to you." The PEU boys have been pissing on little people for
decades.
