Bon Jovi and Kelly reportedly met in Buffalo last week, but the two could not agree to terms, with Kelly concerned that the team could be relocated.
“I can confirm that Jim Kelly met with Jon Bon Jovi, but Kelly and Jeffrey Gundlach will not be pursuing a relationship with the Toronto group,” the source said in an email on condition of anonymity.
“Kelly and Gundlach do not feel confident that their aspirations for keeping the Bills in Buffalo long-term are aligned with the interests of the Toronto group.”
The Bon Jovi 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.
Buffalo Sabres owner Terry Pegula has reportedly emerged as the frontrunner to purchase the Bills, while Bon Jovi's group has been described as "unfocused and disorganized."
- Chris Johnson