Carolina Panthers owner David Tepper’s failed attempt at building a new practice facility has been a thorn in his side for the last year and has now led to an investigation by York County authorities.
The organization broke ground a couple of years ago on what was expected to be a new $800 million practice facility in Rock Hill, South Carolina. However, earlier this year work was halted after Tepper claimed that York County did not deliver on financial promises to assist in the costs of the construction and he was paying more than agreed upon for the project.
When the county was able to come up with the necessary funds, Tepper was unwilling to restart construction and it led to friction and eventually legal action by York County. The failure of the facility came to a head when GT Real Estate Holdings — a company overseeing the build and owned by Tepper — had to file for bankruptcy.
Now, it seems that claims made after the bankruptcy filing about the wrongful use of public funds have led to an investigation into David Tepper and his GT Real Estate company by Rock Hill.
Carolina Panthers boss David Tepper under investigation by Rock Hill authorities
York County is looking to get back the funds they invested in the project since it has been completely ended and the land is now back up for sale. And on Friday, Yahoo News reported that “York County announced shortly after the bankruptcy that Tepper’s company took $21 million of sales tax money that was supposed to be spent on roads and spent it on a ‘failed vanity project.'”
That allegation has now led to an investigation into Tepper and his bankrupt company by York County Sheriff Kevin Tolson and Solicitor Kevin Brackett. In a statement, Tolson and Brackett made it clear that the investigation “is simply an inquiry and should not create any inference that wrongdoing has been committed by any party. (via Yahoo News).”
Carolina Panthers David Tepper is the richest owner in the NFL and built his wealth from his various hedge fund companies. While the investigation may not infer wrongdoing, it surely is not a good look and is another black eye for the NFL in what has been a tumultuous 2022.
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