Bon Jovi group's initial bid to buy Bills rejected
The Toronto-based ownership group that includes Jon Bon Jovi saw its initial bid to buy the Buffalo Bills rejected by the investment bank Morgan Stanley, which is conducting the sale of the team for the trust of Ralph Wilson.
A larger bid, estimated to be between $1 and 1.1 billion, with greater assurances that the Bills will stay in the Buffalo area is expected to be submitted on Tuesday, according to the Toronto Sun.
The first bid was reportedly denied last week.If the Toronto group's second bid is deemed insufficient, the bid will be dead. If the bid is successful, Bon Jovi will be the franchise's principal owner.
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The Bills are up for sale after former owner Ralph Wilson passed away in March.
Other interested buyers include Buffalo Sabres owner Terry Pegula and real estate magnate Donald Trump, both of whom are believed to have offered more than the Toronto group.
The group also includes Larry Tannenbaum, the chairman of Maple Leaf Sports and Entertainment, which controls the Maple Leafs and Raptors, and the Rogers family, which oversees Rogers Communications.
Bon Jovi and Trump may have violated non-disclosure agreements they signed before bidding for the franchise.
- Chris Johnson
