Former American president Donald Trump is currently facing a $250 million civil trial in New York.
New York Attorney General Letitia James alleges that the Trump Organization inflated and deflated assets to defraud insurance companies and obtain favorable loans from banks as it built is real estate empire.
The trial also shed light on Trump’s failed attempt to buy the Buffalo Bills in 2014.
Former Deutsche Bank executive Nicholas Haigh testified on Wednesday that the Trump Organization bid $1 billion to buy the Bills football team.
The problem was that Trump needed a bank to help finance the acquisition.
Haigh testified that bank executives declined, fearing an increased financial exposure to Trump.
“Deutsche Bank was not willing to increase its credit exposure to Donald Trump at that time,” Haigh said, according to ABC News.
Nevertheless, the bank was still willing to help Trump by sending a “letter of support” for his bid, per Haigh. The one condition was that Trump Organization controller Jeffrey McConney certify that the company was still in compliance with covenants of the three outstanding loans the bank had given Trump, according to ABC News.
McConney verified that Trump had “over $300 million in liquid assets in 2014,” according to the report. Deutsche Bank eventually issued a letter that Trump had the “financial wherewithal” to finance the bid.
But the attempted purchase ultimately proved unsuccessful, with the team instead sold to Terry and Kim Pegula.
The NFL world was quick to react to the shocking news, with many thanking Deutsche Bank for preventing Trump’s involvement in America’s most famous sports league:
Who says the Bills have never won anything? https://t.co/MKdpRW7OES
— Slava Malamud 🇺🇦🇮🇱 (@SlavaMalamud) October 12, 2023
Oh my god, that would have sucked for the Bills. https://t.co/BPn8VWXDrU
— Terry Kent (@gottakayak) October 12, 2023
The NFL owes a thank you to Deutsche. He would've taken the entire league down, somehow. https://t.co/D3aYJVPQ91
— Schrödinger's Litter Box (@Brewjew308) October 12, 2023
Thank You Jesus https://t.co/w4wLOAtGVj
— Bye Jerry Sullivan (@ByGerrySullivan) October 12, 2023
Hey, the Buffalo Bills get to live…..
Thanks Deutsche Bank. https://t.co/pt2ltCtNuP— Lady Greeno (@greenotherushes) October 12, 2023
[ABC News]
