Carolina Panthers owner David Tepper is now the subject of an investigation over the team's failed project to build a practice facility in Rock Hill, South Carolina.
Tepper and his real estate company GT Real Estate are being investigated for a potential misuse of public funds. However, it is worth clarifying that it does not mean a criminal act happened. York County Sheriff Kevin Tolson and Solicitor Kevin Brackett noted in a joint statement that the investigation is only an “inquiry” as both parties do their due diligence in checking all aspects of the botched multi-million construction project.
“An investigation is simply an inquiry and should not create any inference that wrongdoing has been committed by any party,” Tolson and Brackett said their statement, via Yahoo.
For those unaware, Tepper and GT Real Estate filed for Chapter 11 bankruptcy protection in Delaware last June, officially killing the construction of proposed $800 million practice facility for the Panthers. The team owner has reportedly made more than $175 million in investments for the project. It came after GT Real Estate terminated their partnership with Rock Hill over the city's failure to issue bonds and fulfill their funding promises.
David Tepper's real estate company, for their part, has denied any wrongdoing in the failed project. In a statement, they also pointed out that the investigation may be an attempt to cause a disruption on the previous agreement they reached with York County. Previously, the county filed a lawsuit claiming that Tepper and co. did not use the $21 million of sales tax money they gave that was meant to improve roads around the facility.
“This is a straightforward commercial matter that is being fully resolved. The underlying disputes arise under contracts that were jointly negotiated by the parties and are publicly available. The funds paid by the county were handled consistent with the terms of those contracts,” GT Real Estate said.
It remains to be seen how the criminal investigation will develop, though it's something that won't have an effect on the Panthers. With that, the rest of the team can focus on their remaining games this 2022 as they attempt to further improve their 4-8 record.
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