Panthers owner David Tepper, the league’s wealthiest owner, has filed Chapter 11 bankruptcy through his company, GT Real Estate Holdings LLC, according to a report from Joseph Person and Daniel Kaplan of The Athletic.
Per the report, Tepper’s real estate company went bankrupt following the issues related to the team’s new facility slated for Rock Hill, S.C.
GT Real Estate Holdings LLC had liabilities between $100 million and $500 million, assets between $100 million and $500 million and up to 49 creditors.
By filing Chapter 11 bankruptcy, the real estate company will now begin a court-ordered process of paying its creditors.