Jacksonville Jaguars owner Shahid Khan caused a bit of a stir last week when he announced his offer to purchase Wembley Stadium in London. It wasn’t so much the proposed purchase price of $840 million — Khan is one of the world’s richest people, so he can easily afford it — or the fact that a U.S. citizen wanted to purchase English soccer’s biggest stage that had people buzzing, but rather that Khan told the BBC that ideally he’d like to configure Wembley so it could host a Super Bowl down the line.
What could have been: The Browns drafted Myles Garrett with the No. 1 pick, but could have packaged picks to draft a quarterback such as Deshaun Watson, who showed promise with Houston as a starter before a season-ending injury.
Does it matter? There is still time for Cleveland first-round picks Jabrill Peppers and David Njoku to develop, but Watson was another chance for the Browns to rectify that problem. If the Browns draft a quarterback in 2018, that player will be propped up against Watson on some level.
Instead, Eric Trump said, the firm’s existing businesses — commercial buildings in New York, licensing deals for Trump-branded hotels and clothes — produced so much cash that the Trumps could tap that flow for spending money.
He had incredible cash flow and built incredible wealth, Eric Trump said. He didn’t need to think about borrowing for every transaction. We invested in ourselves.
He added: It’s a very nice luxury to have.
The cash purchases began with a $12.6 million estate in Scotland in 2006. In the next two years, he snapped up two homes in Beverly Hills. Then five golf clubs along the East Coast. And a winery in Virginia.
The biggest cash binge came last, in the year before Trump announced his run for president. In 2014, he paid a combined $79.7 million for large golf courses in Scotland and Ireland. Since then, those clubs have lost money while Trump renovated them, requiring him to pump in $164 million in cash to keep them running.
Trump’s lavish spending came at a time when his business was leaning largely on one major financial institution for its new loans — Deutsche Bank, which provided $295 million in financing for big projects in Miami and Washington.