President Donald Trump, who was impeached for the second time in the aftermath of his supporters’ invasion of the US Congress, was in a position to lose his savory business rights in his hometown of New York.
New York Mayor Bill Double Lazio appeared on MSNBC on the 13th (local time) and announced that he would terminate all contracts between New York City and the Trump Group.
Mayor Double Lazio said on the day that “it is an obvious criminal offense to incite rebellion against the US government.” “New York City will no longer be affiliated with the Trump Group,” he said.
New York City’s decision was triggered by the unprecedented congressional violence that took place on the 6th. President-elect Joe Biden’s presidential election was held at the Washington DC Capitol, where a joint Senate-Household meeting was held.
President Trump is being criticized for inducing a riot by attending a rally where supporters gathered just before the crisis and saying “I will not accept the results of the presidential election.”
According to Reuters, if all contracts with New York City are terminated, the Trump Group will miss a $17 million annual revenue stream. The Trump Group is operating two ice skating rinks in Central Park, a merry-go-round, and a city-owned golf course in the Bronx (Trump Golf Links) through a contract with New York City.
Of these, the Ulman Skating Rink in Central Park alone earns 9.4 million dollars (about 10.3 billion won) per year. This skating rink has appeared in the movies’Serendipity’,’I’m Home Alone 2′,’Love Story’, and’Devil’s Own’. It is a spot that also appeared in the drama’Gossip Girl’.
The amount may not be significant, but the skating rink in particular has symbolic value for Trump, according to the British Financial Times (FT). Trump took over the desolate ice rink renovation project from New York City, afflicted with financial difficulties in the mid-1980s, and transformed it into a landmark.
The skating rink and merry-go-round contracts are expected to close within a few weeks, but it will take several months to close the golf course operation contract, the Double Lazio market predicted. It is expected that the Trump Group will resist by filing a lawsuit.
“New York City has no right to terminate the contract, and if it does, it will owe $30 million to the Trump Group,” said son Eric Trump, who is helping the family business, in a statement. “This is just political discrimination and we plan to fight strongly,” added Eric Trump.
Mayor Double Lazio said, “It is likely that the Trump Group will appeal in court,” and said, “Our legal basis is very strong. We will find a new company and quickly hand over the operating rights.”
New York City is not the only place that has declared a breakup with Trump.
Cushman and Wakefield, the largest commercial real estate broker in the United States, announced they would no longer cooperate with the Trump Group. In addition, Deutsche Bank and the American Professional Golf Association (PGA) also declared’insulation’ with Trump.
The FT reported that the Trump Group is in debt of $1.1 billion (1.2 trillion won), citing US government fiscal disclosures. About $900 million of the $1.1 billion will be repaid within the next four years.
Reporter Seo Yujin [email protected]