New York City cancels all contracts with Trump Organization

New York City is severing its contracts with President Donald Trump's eponymous company, a move that could cost the outgoing president millions of dollars in response to his role in inciting the Capitol insurrection.

The city will be notifying the Trump Organization that it will cancel its agreements to operate the Central Park Carousel, Wollman and Lasker skating rinks, and Ferry Point Golf Course in the Bronx.

New York City Mayor Bill de Blasio said the city is acting under a clause that allows termination of contracts in the event of criminal activity.

"The president incited a rebellion against the United States government that killed five people and threatened to derail the constitutional transfer of power," de Blasio said. "The City of New York will not be associated with those unforgivable acts in any shape, way or form, and we are immediately taking steps to terminate all Trump Organization contracts."

"He has dishonored New York City by his actions," the mayor added.

The city's corporate counsel said the Ferry Point Golf Course contract is being canceled because the agreement was based on the expectation that the course would attract a major golf tournament, which is now unlikely after the PGA of America pulled its 2022 PGA Championship from Trump National Golf Club in Bedminster, N.J., over the weekend.

The Trump Organization pockets $17 million a year for operating the skating rinks, the carousel and the golf course.

When Trump was running for the presidency, and later when he was pushing a plan to rebuild the nation's infrastructure, he touted his success in taking over the management of Wollman Rink as an example of his business acumen.

"When I did the Wollman Rink, it was seven years they couldn't get it built. It would have been forever, they couldn't get it built, and I did it in a few months at a much smaller price," Trump said in 2018. "We did it for a tiny fraction of the cost."

Eric Trump, the president's son and executive vice president of the Trump Organization, said the company would challenge the city's decision to cancel the contracts.

"The City of New York has no legal right to end our contracts and if they elect to proceed, they will owe The Trump Organization over $30 million dollars," said Eric Trump said. "This is nothing more than political discrimination, and we plan to fight vigorously."