After almost two weeks either on the outs or in limbo, the Bon Jovi/Toronto bid group has been advised it is a finalist in the Buffalo Bills sale, Sun Media learned Monday morning. The group is scheduled to meet with the seller and its transaction team on Tuesday in Manhattan. Over the weekend the Toronto group finally was informed its rebid had been accepted, sources say. Comprising rocker Jon Bon Jovi, MLSE chairman Larry Tanenbaum and the Rogers family, the group last Tuesday had resubmitted its first-round, non-binding bid for the NFL club. The Bills are for sale following the death in March of founding owner Ralph Wilson. Morgan Stanley, the investment bank conducting the sale for Wilson’s trust, previously had rejected the Toronto trio’s initial non-binding bid — for two reasons. First, because the bid was uncompetitively low, sources said — less than $900 million (and one source said likely lower than $800 million). Secondly, because too much doubt existed within the trust, Morgan Stanley and the sale’s law firm, Proskauer Rose, regarding the Toronto trio’s newly adopted intention to keep the NFL team in Western New York. In inviting the Toronto group to resubmit, the trust and its transaction team asked the trio to provide greater assurances it plans to keep the Bills long-term in the Buffalo area, a source said.
Bon Jovi/Toronto group advances to final phase of Bills sale, to meet with seller Tuesday in Manhattan
Canoe | Aug 12