Trump's 2014 Attempt to Buy Buffalo Bills Under Scrutiny in Civil Fraud Trial

Internal emails reveal Trump was encouraged to bid for NFL team despite slim approval chances; his $1 billion offer was less than the final selling price and lacked leverage due to undisclosed financial documents.

• Trump's 2014 bid for the Buffalo Bills is under investigation in a civil fraud trial brought by New York Attorney General Letitia James. The trial scrutinizes Trump's representation of his financial assets to insurers and banks, which AG James claims were heavily inflated.
• Investment bankers at Morgan Stanley expressed doubts about the NFL approving Trump's bid due to his history of casino ownership and his involvement in the 1980s antitrust lawsuit that the rival USFL, of which he was a part, launched against the NFL.
• Although doubting his chances, the bankers encouraged Trump to continue in the bidding process, and he eventually made a $1 billion cash offer for the NFL team. However, his bid was below market value as the Bills were projected to sell for up to $1.2 billion.
• Trump refused to reveal his financial records during the bidding process, only promising to do so if he was declared the final bidder. Instead, he cited his net worth as over $8 billion in the initial offer letter and presented copies of Forbes magazine's list of wealthy celebrities at a bankers' meeting.
• Despite Trump's bid being less than the leading offers, and the lack of disclosed financial documents, bankers advised him that he 'could prevail if during the diligence process you can move up in value.' The Buffalo Bills were ultimately purchased by Terry and Kim Pegula for $1.4 billion.

3 Articles

Fortune Washington Post Associated Press