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NFL participant LeSean McCoy needs to construct an actual property empire

LeSean McCoy (25) of the Buccaneers plays the ball during the regular season game between the Minnesota Vikings and the Tampa Bay Buccaneers on December 13, 2020 at Raymond James Stadium in Tampa, Florida.

Cliff Welch | Icon Sportswire | Getty Images

LeSean McCoy admitted that early in his career he had no idea how to handle finances. McCoy didn’t know how to make money on his big NFL paychecks, and saving up wasn’t an option either.

“Now that I’m in my twelfth year in the league and looking at all the investments I’ve made from good to bad, I’ve learned,” McCoy told CNBC.

It’s National Financial Literacy Month, and McCoy says he’s more motivated to “generate finance not just for myself but for my family as well.”

Months after his second Super Bowl ring when McCoy was on the Tampa Bay Buccaneers roster, the 32-year-old player takes advantage of off-season downtime to complete property developments. McCoy and his brother LeRon run real estate company Vice Capital. After McCoy’s game days are almost over, he is taking advantage of the real estate investment route to continue building wealth after the NFL.

“We’re still getting started, but that’s the main goal,” said LeSean. He added that another mission is to help NFL players “learn how to make other money than just play football”.

Use the opportunity zones

Vice Capital invests in distressed real estate in low-income communities and renovates buildings to create new residential units and commercial space.

The McCoy brothers are taking advantage of opportunity zones to develop some properties. The territories were created under the Federal Tax Cuts and Jobs Act of 2017 and offer developers tax incentives for capital gains. They are designed to direct investment in underdeveloped neighborhoods and help increase neighborhood values ​​without triggering rents that would drive residents out of the rebuilt communities.

LeSean’s brother told him about the zones in 2017. However, LeSean said he was skeptical when he learned that the laws were passed under the administration of President Donald Trump. “Who is this really for?” he asked his brother.

Before it became official, the legislation received support from US Senators, including Sen. Cory Booker (D-NJ) and Sen. Tim Scott (R-SC). After examining the legislation and determining the tax exemptions, LeSean found it to be a “win-win” situation.

“On the flip side, as a humanitarian worker, you can influence certain communities in need of this change,” added LeRon. “These are usually inner-city areas.”

Former NBA player David Robinson also uses opportunity zones for development.

The McCoy brothers own 60 properties, some of which are operated under Vice, including buildings in their hometown of Harrisburg, Pennsylvania, and in Philadelphia, where he played with the Eagles for six seasons.

“We want to build this empire in real estate,” said LeSean.

LeSean McCoy and his family (Brother LeRon is right).

Source: EAG Sports Management

All about trust

LeRon played in the NFL for the 2005 season with the Arizona Cardinals. LeSean played 12 seasons, was selected for six Pro Bowls, and was a member of the Kansas City Chiefs team that won Super Bowl LIV. According to Spotrac, LeSean made $ 63 million in his career.

LeSean asked his brother to help run Vice, which he launched in 2018, while maintaining his NFL career.

“The hard part for the players is trust,” said LeSean. “My brother is a guy I trust like no other, that’s probably why it works so well with real estate. He’s always teaching me.”

During Covid-19, LeSean trusted LeRon to handle the losses it had incurred as construction ceased and residents of the units were on eviction protection. LeRon didn’t release financial data to CNBC, but said Vice’s losses were less than $ 2 million.

“We’re brothers, but he would fire me,” joked LeRon. “The biggest loss I can see is not the dollars, but the opportunity.”

Prior to the pandemic, LeRon said Vice Capital was in negotiations to buy a property near La Salle University in Philadelphia’s Germantown neighborhood. The property’s value fell, but when Covid-19 drove property prices soaring, the owner took it off the market and quoted it at twice the previous price, leaving it out of Vice’s reach.

LeRon said the pandemic “weighed on things” as materials like wood soared and construction costs soared. “But I would also say it will increase the seller’s market,” he added. “Interest rates are cheap and everyone wants to buy.”

Here LeSean trusts his brother again. LeSean advocates selling some properties at high prices in a glowing real estate market. LeRon is against the idea.

“Sometimes we agree, sometimes we don’t,” added LeSean. “But the good thing about our bond is that I can trust him with business.”

However, the McCoy brothers cannot unload the Opportunity Zone properties. Investors receive tax breaks on their capital gains if they keep their money in a selected municipality for at least 10 years.

LeSean McCoy (25) walks the field during Tampa Bay Buccaneers Training Camp on September 3, 2020 at Raymond James Stadium in Tampa, Florida.

Cliff Welch | Icon Sportswire | Getty Images

What’s next on the field?

Though LeSean relies on his brother for business advice, he still has to choose his career as the 2021 season approaches. LeSean says he wants to play but wasn’t sure about a team’s interest.

“There are some teams that I probably won’t play for,” he said. “Hopefully other teams can come to an agreement on some things. That has to make sense.”

LeSean recapitulated its 2020 season and said it was “a great experience” playing with Bucs quarterback Tom Brady.

“All the trip to see him and play with him … I played him when I was playing in Philadelphia (Brady was with New England then). He was like a drill sergeant, and then I actually did Played with him, I could see He’s so intense and smart, “LeSean said. “I’ve never played with a quarterback like that where he’s 43. It was cool to see.”

With retirement near, LeSean said he has options and real estate is the main game. When asked about stocks or investments in Bitcoin, LeSean said he had tried the investments but was no longer interested.

“My thing is real estate,” said LeSean. “That’s something I understand. I don’t have to take someone else’s word for it and the ups and downs – it’s just a lot. With real estate, I can see what’s going on; I can see my money, touch it, and feel it it.”

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World News

How Mario Draghi Is Making Italy a Energy Participant in Europe

ROME – The European Union stumbled upon a Covid-19 vaccine rollout in late March that was fraught with bottlenecks and logistical issues when Mario Draghi took matters into his own hands. The new Italian Prime Minister confiscated a shipment of vaccines for Australia – an opportunity to show that a new, aggressive and powerful force had arrived in the European bloc.

The move rocked a Brussels tour that seemed to be sleeping at the counter. Within a few weeks, partly due to its urgent and technical efforts behind the scenes, the European Union had approved even more comprehensive and stringent measures to curb the export of Covid-19 vaccines much-needed in Europe. The Australia Experiment, as officials in Brussels and Italy call it, marked a turning point for both Europe and Italy.

It also showed that Mr Draghi, known as the former President of the European Central Bank who helped save the euro, was ready to lead Europe from behind, where Italy has been for years and lags behind its European partners in terms of economic dynamism and Reforms are urgently needed.

In his brief tenure – he took power in February after a political crisis – Mr Draghi has quickly used his European relations, his ability to navigate EU institutions and his almost messianic reputation to turn Italy into something of an actor Making the continent hasn’t been around for decades.

After his girlfriend, Chancellor Angela Merkel, resigned from office in September, President Emmanuel Macron of France faces tough elections next year and the President of the European Commission, Ursula von der Leyen, to demonstrate competence, Draghi is ready to create a leadership vacuum to fill Europe.

Increasingly, he seems to speak for the whole of Europe.

“The difference is that when Mario Draghi speaks, everyone knows that he is not only pushing, he is increasing Italian interest,” said Vincenzo Amendola, the Italian minister for European affairs of the European Union, in an interview.

Knowing that Mr. Draghi has derived his influence from his international reputation, Mr. Amendola said that given the potential leadership gap in Europe, “you need stable leaders who bring trust”.

At home, Mr Draghi’s vaccination game in March provided political red meat to an Italian population hungry for vaccines and a sense of freedom of choice, but it was supposed to improve the leverage of Europe as a whole.

Abroad, his first stop in Libya sought to restore dwindling Italian influence in the troubled former Italian colony, which is vital to Italy’s energy needs and efforts to curb illegal migration from Africa. He also did not shy away from fighting with Turkey’s autocratic leader, President Recep Tayyip Erdogan. “With these dictators – let’s call them what they are – you have to be open about expressing your different views and visions of society,” Draghi said.

But within the European Union, Mr Draghi has shown that Italy is now above its weight.

Last week, Mr Draghi, who is alternately funny and shaky but always direct, kept the pressure on Brussels when it came to vaccine exports. In the original contract negotiations with the pharmaceutical companies, he referred to “light” efforts and stated that the European Union had not yet acted despite its new, strict rules on export bans.

But he has also skillfully offset his criticism of Mrs von der Leyen’s commission by defending it after Mr Erdogan denied her a chair instead of a sofa during a visit to Turkey last week, saying he regretted the humiliation very much.

Making his debut at a European meeting as Italian Prime Minister in February, 73-year-old Draghi made it clear he wasn’t there to cheer. He said of an economic summit that was attended by batsmen like his successor to the European Central Bank, Christine Lagarde, to “curb your enthusiasm” when it came to a closer fiscal union.

Updated

April 15, 2021, 6:18 p.m. ET

This type of association is Mr. Draghi’s long-term ambition. But before he can tackle the near or deeper economic problems at home, those around him realize that his priority must be to resolve Europe’s response to the pandemic.

Italian officials said his distance from the contract negotiations, which were concluded before he took office, gave him freedom of action. He suggested that AstraZeneca misled the bloc about supplying vaccines and sold Europe the same doses two or three times, and he immediately launched an export ban.

“He understood immediately that it was about vaccinations and supplies,” said Lia Quartapelle, a foreign affairs representative for the Italian Democratic Party.

On February 25th, he participated in a video conference of the European Council with Ms. von der Leyen and other leaders of the European Union. The heads of state greeted him warmly. “We owe you so much,” the Bulgarian Prime Minister told him.

Ms. von der Leyen then gave an optimistic presentation about the introduction of vaccines in Europe. But the new member of the club told Ms. von der Leyen bluntly that he found her vaccination prognosis “hardly reassuring” and did not know whether the numbers promised by AstraZeneca could be trusted, an official gift at the meeting.

He begged Brussels to get harder and drive faster.

Ms. Merkel checked together with him Ms. von der Leyen’s numbers, which pushed the Commission President, a former German defense minister, into the background. Mr Macron, who had campaigned for Mrs von der Leyen to be nominated but had quickly entered into a strategic alliance with Mr Draghi, continued to pile up. He called on Brussels, which negotiated vaccination contracts on behalf of its members, to “put pressure on companies that do not comply”.

At the time, Frau von der Leyen was being criticized less and less in Germany for her perceived weakness on the vaccine issue, although her own commissioners argued that an overly aggressive reaction with a vaccine export ban could harm the bloc in the future.

Mr Draghi, speaking face to face during the February meeting, tightened the screws. Mr Macron, for example, who emerged as his partner – the two are referred to as “Dracon” by the Germans – pushed for a more muscular Europe.

Behind the scenes, Mr Draghi complemented his more public hard line with an advertising campaign. The Italian, known to call European executives and pharmaceutical directors privately on their cell phones, turned to Ms. von der Leyen.

Of all the players in Europe, he knew her the least well, according to the European Commission and Italian officials, and he wanted to remedy the situation and make sure she didn’t feel isolated.

At the beginning of March, Mr Draghi found the perfect present for Mrs von der Leyen: 250,000 doses of confiscated AstraZeneca vaccine for Australia.

“He told me that he had called von der Leyen a lot in the previous days,” said Ms. Quartapelle, who spoke to Mr. Draghi the day after the program was frozen. “He worked a lot with von der Leyen to convince them.”

The move was recognized in Brussels, according to representatives of the Commission, as it exonerated Ms. von der Leyen and gave her political cover, while at the same time giving the impression that it was difficult to sign.

The episode has become a clear example of how Mr Draghi is building relationships that have the potential to generate great profits not just for himself and Italy, but for the whole of Europe.

On March 25, when the Commission suspected 29 million AstraZeneca cans in a warehouse outside Rome, Ms. von der Leyen called Mr. Draghi for help, officials said with knowledge of the calls. He was obliged and the police were dispatched quickly.

In the meantime, Mr Draghi and Mr Macron, along with Spain and others, continued to support a tougher line by the Commission on vaccine exports. The Netherlands were against it, and Germany, with a vibrant pharmaceutical market, was queasy.

When the European heads of state and government met again on March 25 at a video conference, Ms. von der Leyen was more confident about the political and pragmatic benefits of stopping exports of Covid vaccines made in the European Union. She re-presented slides, this time approving a broader six-week restriction on exports from the bloc, and Mr Draghi stepped down into a support role.

“Let me thank you for a job,” he said.

After the meeting, Mr Draghi gave, albeit modestly, Italy – and in a broader sense itself – appreciation for the moves that made export bans possible. “This is more or less the discussion that has been going on,” he told reporters, “because that was the topic that we were initially bringing up.”

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Business

Hank Aaron, legendary baseball participant, dies at age 86

The Atlanta Braves’ right outfield player Hank Aaron (see close-up photo) has been named to the National League All Star team for the 16th consecutive year.

Bettmann | Getty Images

Famer Hank Aaron’s National Baseball Hall has died at the age of 86, a spokesman confirmed on Friday.

Aaron was a pioneer and trailblazer in the sport. Almost 50 years ago, Aaron Babe overtook Ruth in home races and now lives in second place behind Barry Bonds.

At a time when 17.4% of major league baseball players were African American, Aaron managed to break up as an icon, according to the Society for American Baseball Research.

Hall of Famer Hank Aaron of the Atlanta Braves swings on the ball circa 1960

Sport in focus | Getty Images

Aaron began his baseball career with the Indianapolis Clowns of the Negro Baseball League after leaving his hometown of Mobile, Alabama, with only two dollars in hand.

“My mom told me that was all she had to give me and be very careful with,” Aaron said in an interview with NBC News.

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