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Monday, December 11, 2023

Trump dumped $100M golf course amidst fraud charges

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A Cook, Software analyst & Blogger.

In Brief

  • Trump Organization finalized a deal to sell its contract to operate Trump Golf Links Ferry Point in the Bronx to Bally’s Corp.
  • The sale comes as the Trump Organization faces legal challenges, including a recent New York judge’s ruling holding the company liable for fraud and threatening to cancel its New York business licenses.
  • The quick sale was motivated by concerns that protracted negotiations or legal battles could have jeopardized the deal, which could be worth over $100 million based on performance targets.
Trump dumped 0M golf course amidst fraud charges
Bally’s Golf Links at Ferry Point© Bally’s

The Trump Organization has sealed a deal to sell its contract to operate Trump Golf Links Ferry Point in the Bronx to casino operator Bally’s Corp. The transaction, though shrouded in confidentiality regarding its exact terms, stands to potentially earn the Trump Organization millions of dollars.

Bally’s has already spun up a new website for the freshly renamed golf course and Trump’s golf site appears to have delisted the course.

This timely sale comes on the heels of a New York judge’s ruling that found the former president’s company liable for fraud and threatened to revoke its New York State business licenses. While the Trump Organization is appealing this decision, insiders suggest that waiting any longer could have jeopardized the deal.

Sources familiar with the negotiations disclosed that Eric Trump, the former president’s son, was actively engaged in talks until the very last minute, attempting to secure favorable terms with Bally’s.

This transaction serves as a significant boost for Bally’s, as it was a prerequisite for the gaming company to bid on one of New York’s newly available casino licenses this spring.

While the Trump Organization grapples with legal challenges, Bally’s opted to expedite the acquisition of the golf course contract, avoiding potential complications tied to protracted negotiations or dealing with a court-appointed receiver. The deal not only secures Bally’s entry into the golf course market but also provides a lifeline for the Trump Organization amidst its legal entanglements.

This week Trump voluntarily appeared in NY court as his other businesses and properties are at risk of being taken from him and his family over claims of fraud.

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